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Saturday September 20, 2014

Washington News

Washington Hotline

Average IRS Refund of $2,917

The IRS has recently published an update for 2013 tax return results as of March 14, 2014. The average refund for 2013 taxes is $2,917. This is up from the average refund of $2,863 for the prior year.

In IR-2014-32, the IRS noted three important tax changes for 2013. First, the standard business mileage rate for that year is 56.5 cents per mile. Second, a home office that is used for a qualified business purpose may benefit from use of the simplified option for determining the deduction.

Third, upper income persons face a potential new 0.9% Medicare tax. This tax applies to wages, railroad retirement compensation and self-employment income. The tax is applicable for individuals with over $200,000 of income, married persons over $250,000 and married filing separately with incomes over $125,000. Additional information is available by logging on to www.irs.gov and searching for "Additional Medicare Tax."

The IRS published the latest statistics on individual tax returns.

IRS 2014 Filing Season Statistics

 20132014

Returns 74.8M 75.1M
E-Filed Returns68M 70M
Web Visits 218M 196M
Refunds $172B $180B
Average Refund $2,863$2,917
 (B – billion, M – million)

Published March 21, 2014
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