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International Business Times UK

Niloy Chakrabarti

US Tax Refunds to Rise $675 on Average Next Year; Nearly 50% of Americans Plan to Use Them For Bills

United States Donald Trump Lisa GreeneLewis Matthew Martin TurboTax Income Tax Principal Asset Management

Increasing 401(k) contributions before year-end could enhance your refunds in the upcoming tax season. (Credit: Nataliya Vaitkevich/Pexels.com)

Enhanced tax breaks under US President Donald Trump's One Big Beautiful Bill Act are expected to boost federal income tax refunds next year by hundreds of dollars, according to tax experts.

Christian Floro from Principal Asset Management stated that tax refunds could increase by approximately $675 (£505), raising the average refund to nearly $3,800 (£2,846) annually. Meanwhile, TurboTax predicts that taxpayers could receive up to $1,000 (£749) more per refund in 2026.

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