Richard Bernstein Advisors CEO and CIO Richard Bernstein offers insight on investment strategies during conflict and rising inflation on Barrons Roundtable.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
Fresh data from the\u00a0IRS<\/u><\/a> shows that Americans’ average tax refunds in the 2026 filing season have risen significantly from last year as the filing deadline approaches.<\/p>\n IRS data through March 20 showed that the average\u00a0tax refund<\/u><\/a> amount has risen to $3,571 in the 2026 filing season to date, an increase of $350 or 10.9% from the $3,221 average refund at this stage of the filing season in 2025.<\/p>\n The total amount refunded to taxpayers by the IRS through March 20 was more than $202 billion, an increase of 12.9% from the $179 billion refunded at this stage last year.<\/p>\n The total number of refunds issued has increased modestly from last year, increasing 1.8% to just over 56.7 million with an increase of about 1 million for the 2026 filing season.<\/p>\n IRS REFUND TRACKER EXPLAINED: WHAT YOU NEED TO KNOW BEFORE THIS YEAR’S TAX FILING DEADLINE<\/u><\/strong><\/a><\/p>\n The IRS reported the average tax refund is up nearly 11% so far this tax filing season.<\/span> (Timothy Fadek\/Bloomberg via Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n Overall, the filing season is progressing at a slightly slower pace than last year’s. The total number of returns received as of March 20 was nearly 78.9 million, a decrease of 0.9%, while the total number of returns processed was just over 77.8 million, down 1.1%.<\/p>\n A growing number of taxpayers are choosing to prepare their tax returns on their own this year, with the number of\u00a0self-prepared returns<\/u><\/a> filed up 1.9% to more than 37.8 million.<\/p>\n By contrast, the number of e-filed returns submitted by tax professionals on behalf of their clients is down 1% when compared with last year, with 39.7 million submitted by tax professionals so far.<\/p>\n The deadline to file your return for tax year 2025 is Wednesday, April 15, although taxpayers who need an extension may request it by the date \u2013 though they’re required to make an estimated payment.<\/p>\n IRS WARNS TAXPAYERS TO BEWARE OF DANGEROUS NEW SCAMS THIS TAX SEASON<\/u><\/strong><\/a><\/p>\n U.S. Commerce Secretary Howard Lutnick doubled down on President Donald Trump’s plan to abolish the IRS.<\/span> (Kayla Bartkowski\/Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n More Americans are receiving refunds via direct deposit in this filing season as the IRS phases out\u00a0paper refund checks<\/u><\/a> for most taxpayers.<\/p>\n Direct deposit refunds \u2013 a metric that includes all refunds processed this year including current and prior year returns \u2013 is up 6.5% from a year ago to nearly 57.3 million.<\/p>\n The average direct deposit refund is up 8.4% and has risen to $3,561; while the total amount refunded by direct deposit has increased 15.5% to nearly $204 billion.<\/p>\n IRS UNVEILS PROPOSED REGULATIONS FOR NEW TRUMP ACCOUNTS SAVINGS PROGRAM<\/u><\/strong><\/a><\/p>\n The IRS is phasing out paper refund checks for most taxpayers.<\/span> (Juanmonino via Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n While the IRS began phasing out paper refund checks last fall, it will still send paper checks if no alternative is available. Options for taxpayers without\u00a0bank accounts<\/u><\/a> include prepaid debit cards, digital wallets or other limited exceptions.<\/p>\n IRS data also shows a surge in the number of visits to the agency’s website this tax season, with visits to IRS.gov up 55.6% from a year ago \u2013 rising from 244 million to more than 380 million visits.<\/p>\n Changes to federal tax law under the One Big Beautiful Bill Act, which was enacted by President\u00a0Donald Trump<\/u><\/a> last year and made significant changes to aspects of the federal tax code, may have contributed to the surge in web traffic.\u00a0<\/p>\n GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/u><\/strong><\/a><\/p>\n Those changes include new, temporary deductions for income derived from tips and overtime, an enhanced deduction for seniors, an auto loan interest deduction as well as the creation of so-called\u00a0Trump Accounts<\/u><\/a>, which are savings accounts for newborns that are seeded with federal funds and are also available to be created for older children.<\/p>\n<\/div>\n![\"IRS](\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2025\/02\/931\/523\/irs-building-dc-getty.jpg?ve=1&tl=1\")
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