To be or not to be, that is the question. Everyone has an opinion when it comes to the 2021 Tax Season. Let me know yours.
Given that the IRS has pushed back Tax Filings until Feb. 12, and refunds, Earned Income Tax Credit, Child and Dependent Care Credit, and Education Tax Credit payments will not be dispersed until early March, many feel this will result in an extended (longer) tax season.
Others, not so much. They feel, the recent $600 Stimulus Checks pulled Tax Season purchases into January. Any additional stimulus checks and tax refunds in late winter, they reason, will go elsewhere — not to auto purchases.
We do know that when the $600 Stimulus Checks started hitting bank accounts Jan. 4, 2021, dealers saw consumers coming to their lots with $1,200, $1,800 and even $2,400 for a down payment on a used car almost immediately.
Recent data indicates that as much as 9% of taxpayers plan to use their tax refund this year for large purchases, such as a vehicle or home. Up to 14% of millennials plan to use their tax refund for big-ticket items according to Santander Bank. A recent eBay survey found around 37% of millennials plan to use their tax refund for a car purchase.
So, what do you think? Are you gearing up for a GREAT tax season? Let me know!