There’s been a significant shift in American income in the past few years. People are starting their own businesses, taking on a side hustle or creating a second income stream. Add to this the financial worries many Americans have which are driven largely by inflation, and it makes tax time and getting every dollar of their tax refund more important than ever.
A recent H&R Block survey revealed that 69% of Americans are extremely concerned about inflation and its impact on their finances. According to another H&R Block survey, 35% of Americans intend to use their refund to pay off debt or bills. Between COVID relief measures expiring, inflation, changes in severance and unemployment, the crypto craze and investment losses - especially in retirement accounts -- this could mean that Americans will rely on their tax refunds this year more than recent years, or ever.
I talked to Karen Orosco, President, Global Consumer Tax & Service Delivery at H&R Block about what you need to know.