Average IRS Tax Refund Up 10.6% as Filing Season Progresses
Early IRS filing data shows the average tax refund has increased by 10.6%, though changes to IRS paper checks have led to delays for over 830,000 filers. Experts advise early filing and careful review this tax season.
The average IRS tax refund has increased by 10.6%, according to early filing data, providing welcome news for taxpayers as the 2026 filing season progresses. However, changes to IRS paper checks have led to tax refund delays for over 830,000 filers.
The Federal Trade Commission has warned about a big wave of phone scams where fraudsters falsely claim to be from the IRS. Taxpayers are advised to understand what to do if they owe the IRS and to be aware of how to file taxes for free.
There are concerns about potential IRS disorganization this tax season due to staff shortages and new tax laws, making early filing and careful review crucial. Additionally, there are discussions around a proposed no tax on overtime deduction, with filers risking mistakes as millions claim this new benefit.
The College Investor has released its best tax software rankings for 2026, with FreeTaxUSA named Best Overall. Calculus Tax, Inc. Launched FreshRelief, an educational platform to help individuals understand tax issues and IRS resolution options.
The Iran conflict is significantly impacting personal finance. High oil prices are a concern for mortgage rates and could hammer consumers. The war heightens affordability issues ahead of the Fed's March meeting. Investors are looking for stability in markets rattled by the Iran war, and those nearing retirement are advised on what the market turmoil means for them.
The conflict has caused oil prices to surge, leading to inflation fears and a significant drop in stock markets. The International Energy Agency (IEA) has stated that the Iran war is creating the largest supply disruption in the oil market's history. Consumer confidence has plummeted to its lowest point of the year.
In student loan news, the SAVE plan utilized by millions of student loan borrowers has been affected by a court order. The Trump administration has scaled back oversight of student loan servicers. An expert noted that more people are trying to borrow their way out of debt, but this approach is generally ineffective.
Credit scores are expected to get an update regarding buy-now-pay-later services. A veteran-built software called ZilchWorks has helped over 16,000 people eliminate 114 million dollars in debt without relying on loans or gimmicks.
For retirement planning, couples often miss an overlooked tax break for retirement savers. The Social Security 2027 COLA forecast may rise due to high oil prices. Small 401(k) accounts may follow workers to their next job, with the exception of Roth money. Workers are tapping into their 401(k)s at record rates.
In housing news, high oil prices are not good for mortgage rates, according to an economist. Middle-income homebuyers have 30,000 dollars more buying power than a year ago. There's a push to cut capital gains taxes on home sales to increase supply for buyers. Mortgage rates are back above 6% due to the Iran war and inflation concerns.
The Senate has passed its first major housing bill since the subprime mortgage crisis. A new mortgage crisis is quietly affecting those who can least afford it.
Financial technology innovations are transforming the consumer lending landscape. IGrad has partnered with the Arkansas Financial Education Commission to launch Enrich, a free financial wellness platform. The College Investor has released its 2026 rankings of the Best Online Stock Brokers, with Fidelity taking the top spot.
Personal finance is becoming a new adulting lesson for high-schoolers, with more schools incorporating financial literacy into their curricula. Identity theft and taxes are described as a terrible reverse lottery for victims.
Millions of Americans are skipping meals or reducing utility usage to afford healthcare, indicating a significant financial burden. These developments underscore the importance of strategic financial planning, budgeting, and staying informed about economic trends that impact personal finances.
