It may only be mid-February, but already tax filings in 2014 have outpaced filings for the same time last year, according to the IRS.
As of Feb. 7, the IRS says it has received 27.3 million tax returned, up 2.5 percent compared to 2013. Returns filed electronically account for 96 percent of those filed thus far this season, a 4 percent increase compared to the same time last year.
The IRS says there has also been an increase in tax refunds for 2014. Nearly 19.5 million refunds have been issued so far this season – more than 18 percent compared to this time in 2013.
The average refund amount as of Feb. 7 is $3,317. The IRS says this amount is 4.6 percent more compared to refunds at the same time last year. Generally, the IRS says, refund averages have higher values early in the tax filing season.
The IRS says most refunds are deposited directly into taxpayer bank accounts, at just over 87 percent disbursed this way.
To file your taxes, visit the IRS website.