Latest OnLine Editon  Read Here

Average Refunds Higher, But Total Refunds Lower

Average Refunds Higher, But Total Refunds Lower Featured

Tax season seems to finally be under way.

Peter Saldamarco, president of Central Auto Auction in Hamden, Conn., said he saw a dramatic uptick in activity at the end of February.

“Tax checks must have come out because it just boomed,” Saldamarco said.

Early season refund numbers and dollar amounts were affected by the new law requiring refunds involving the Earned Income Tax Credit and Additional Child Tax Credit to be held until the later part of February. Many taxpayers claiming these credits traditionally file during the opening weeks of tax season.

As of March 10, the Internal revenue Service received 69,403,000 returns and had processed 67,290,000, refunding  more than $167 billion. The average refund so far is $2,973.

Last year at this time, the IRS had received 74,456,000 and processed 72,164,000, refunding almost $176 billion. The average refund was $2,945.

Calendar year-to-year comparisons are difficult at this early point in the season as four additional days of tax return processing are included in the 2016 totals, the IRS states.

Still, used-car dealers seem to be getting their fair share of the money that is coming back, said Manheim chief economist Tom Webb.

“The unusual flow of tax refund monies this year appears to have had less of an effect on dealers than one might expect, especially since other retailers (most notably, TV and appliance stores) did notice a significant impact,” Webb said.

 

 

Last modified on Friday, 17 March 2017 13:57
Rate this item
(0 votes)

Related items

  • CarMax Reports Double-Digit Growth

    CarMax, Inc. reported results for the latest quarter ended May 31.
    Net sales and operating revenues increased 10.1 percent to $4.54 billion.
    Used unit sales in comparable stores increased 8.2 percent. Total used unit sales rose 14.1 percent.
    Total wholesale unit sales were flat versus the prior year’s first quarter.
    CarMax Auto Finance (CAF) income increased 8.5 percent to $109.4 million.
    Net earnings increased 20.7 percent to $211.7 million.
     

     
     
  • CarMax Adds East Coast Store

    CarMax Inc. celebrated the grand opening of its third store in Connecticut, located at 450 Captain Neville Drive in Waterbury.
    The Waterbury CarMax has the capacity to stock approximately 200 used vehicles.
    In celebration of the Waterbury store opening, CarMax and The CarMax Foundation awarded $8,000 in donations and grants to the Boys & Girls Club of Greater Waterbury. CarMax associates from the Waterbury store recently volunteered with the nonprofit and nominated it to receive the contributions.
    The CarMax Foundation will also be donating an Imagination Playground valued at more than $15,000 through its partnership with Kaboom focused on making play more accessible to children and families. CarMax is currently identifying a recipient for the Imagination Playground and plans to present the donation this summer.

  • CarMax Celebrates Store Opening

    CarMax Inc. celebrated the grand opening of its 17th store in Florida, located at 6450 Pensacola Boulevard in Pensacola.
    The CarMax store has the capacity to stock approximately 140 used vehicles of nearly every make and model. CarMax customers can also request transfers to Pensacola of almost any vehicle from other CarMax locations throughout the country.
    In celebration of the Pensacola store opening, CarMax and The CarMax Foundation awarded $8,000 in donations and grants to Blue Angels Elementary School. The school is closely located to Naval Air Station Pensacola and approximately 31 percent of students are from military families.
    The contributions will help fund after-school tutoring, enrichment programs and a special multi-sensory room.
    The CarMax Foundation also donated a Rigamajig to Blue Angels Elementary School through its partnership with Kaboom, which is focused on making play more accessible to children of veterans and military families. Rigamajigs are building kits that engage kids in creative play that is physically challenging and collaborative.