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The Independent UK
The Independent UK
Business
J.R. Duren

The surprising downsides of a big tax refund

A big tax refund can feel like an early Christmas gift.

This year’s refund averages $3,521, according to the Internal Revenue Service. Some 35 percent of consumers will use that cash to boost their savings, and around one in four will pay everyday expenses and bills with it, a February survey from economic data and news platform PYMNTS found.

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