August 27, 2020 10:29 pm

DIY Returns Are Up

The IRS reports statistics on its filing season ( Through July 24, 2020, 152,875 income tax returns were filed for individuals, compared with 146,342,000 through July 27, 2019. Of these returns, there was a 23% increase in self-prepared returns filed electronically.

The number of refunds, however, fell 3.1% as compared with last year. The average refund from 2019 returns filed in 2020 was $2,741, the same average refund issued last year.

Tax Glossary

Ordinary and necessary

A statutory requirement for the deductibility of a business expense.

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