If this were a normal year, consumers who had put off filing their taxes would be digging into their paperwork for the annual ordeal. However, the filing deadline is now July 15, not April 15, so procrastinators and/or those who owe tax have a few months’ grace before it has to be done.
What is happening as a result is that those taxpayers currently filing are more likely to be getting a refund, and those who get a refund are more likely to get it via direct deposit. However, on average, refund sizes are not much different this year from last. Still consumers are going to hold on to refunds where they can for the time being out of concern for household balance sheets in the coming months.
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