As income tax deadlines approach, many American taxpayers either embrace or lament the process of filing taxes. While some view refunds as a gift, financial experts point out that receiving a refund is often the result of overpaying taxes during the year. This practice means that taxpayers are simply getting their own money back, which could have otherwise accrued interest if kept. Notably, approximately 75% of filers receive refunds, with the California average refund reaching around $3,344, highlighting regional trends in tax overpayment.
"A lot of people get excited when they receive a refund, but all that means is they overpaid their taxes throughout the year and are now getting their own money back, the money the government's been holding on to."
"Three out of four filers nationally overpay Uncle Sam and collect a refund the following spring, with the average refund among U.S. filers nearly $3,300 annually."
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