NC State accounting professor says increase in tax refunds are likely
RALEIGH, N.C. (WNCN) — We’re just days away from the start of tax season and experts say some people could have larger refunds this year.
Experts say some people could receive as much as a 10 percent increase from their tax returns. That’s because the IRS adjusted its tax bracket to consider the high inflation we’ve seen over the last couple of years.
North Carolina State University accounting professor Roby Sawyers told CBS 17 that without the adjustment, some people would feel a financial sting.
“Taxpayers (would) be hurt not only because everything we buy out in the marketplace costs more, but because we pay more tax as well,” Sawyers said.
If your income stayed the same or did not keep up with inflation, that’s actually good news for you this time. That means more money coming your way, or at least keeping a little more cash in your wallet.
“Assuming that your income did not increase as much as inflation, you will not pay as much tax as you did last year,” Sawyers said.
Sawyers told CBS 17 the bracket has already been adjusted for the 2024 tax year, meaning we could see larger refunds next year as well.
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