Later Start To File Taxes, Delays Needed Refunds

(KFOR NEWS February 22, 2021) A recent survey from Freedom Debt Relief (FDR)’s provides some startling insight into the impact of this year’s delayed start of tax filing season.

The first day Americans could file their income tax returns was Feb. 12, a few weeks later than most years. Americans can also expect a similar delay in receipt of refunds.

More than one in five people (21%) say it would be difficult to buy needed groceries and household goods if they receive their refund just two or three weeks later than usual.
The same number say the delay would lead them to accumulate more credit card debt.

“That means that this year’s tax refunds will play a major role in stabilizing household finances, with more than 20% of Americans are relying on their refunds to pay everyday expenses,” says Michael Micheletti, senior director of corporate communications at Freedom Debt Relief. “Unless a stimulus package materializes soon, more people will be relying on their tax refunds than stimulus money to stabilize their household finances early this year.”