Tax Refunds Rise Due to New Deductions in One Big Beautiful Bill Act
Tax refunds have increased by 11% this filing season, reaching an average of $3,400, largely due to new deductions introduced by the One Big Beautiful Bill Act. The law includes higher caps on state and local tax deductions, a $10,000 car loan interest deduction, and additional benefits for seniors over 65. Over 134 million tax returns have been filed, with most submitted electronically.
Topics: deductions IRS One Big Beautiful Bill Act tax filing tax refunds