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IRS Adjustments Could Mean Larger Tax Refunds for Americans

Posted on February 19, 2024
Writer: James Miller

This year, American taxpayers might anticipate larger tax refunds, potentially increasing by up to 10% due to IRS adjustments reflecting last year’s high inflation.

The IRS’s yearly adjustments to the tax brackets and standard deductions are behind the anticipated increase in tax refunds. Last year saw the tax brackets adjusted upwards by an unprecedented 7.1%, outpacing the median worker’s earnings increase of 5.5%.

In 2023, the average refund hovered around $3,176, marking a slight decrease from the year before. This adjustment could result in an additional $300 to $400 for many individuals, reflecting an effort to mitigate the financial impact of recent inflation on households.

The larger tax refund this year offers an opportunity for those interested in gold investment, providing a timely boost to invest in assets like gold coins or bullion. This could be a strategic approach to diversify portfolios and hedge against inflation, enhancing financial stability.

For more information, read the full story on FOX Business.

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