Login

Register | Forgot Your Password? | Close
Register | Forgot Your Password? | Close
AP: 5736548b-8128-41ee-8809-87bf8e2c7c50
(AP Photo)

The U.S. economy may be well on its way down the road of recovery in 2013.

CNN Money reported that based on an American Express survey, less people are expecting a refund check from the IRS this year, meaning they will actually owe the IRS.

Almost 1,500 adults participated in the American Express survey, and only 59 percent said they were expecting a refund check in 2013. That number represents a 64 percent decrease from 2012.

Tax Foundation chief economist Will McBride explained that more people owing the IRS is actually a good thing.

"They are earning more and that means they get less from the IRS," McBride told CNN.

According to American Express spokeswoman Melanie Banks, while the economy is making its way out of a recession, it's still a hot topic on the minds of many consumers.

"While people are feeling more confident, they learned some valuable lessons," Banks said.

Kelly Bendetti, a new Pennsylvania homeowner, explained to CNN that while she would love to spend her refund, which is expected to be less than $1,000, on a vacation, she will instead put it toward her student loans.

Bendetti added that moving forward she plans to pay the exact amount of taxes she owes during the course of the year, in an effort to prevent having to give "an interest-free loan to the government."

"I just don't understand how people want these huge giant refunds," she said. "It means they've overpaid all year."

KTAR.com,

share this story:
Attention KTAR.com Comment Users: We have recently changed our comments boards.
We would like you to be part of the conversation and The Voice of Arizona by logging in with your Facebook, Twitter, Google+ or Disqus account. Existing KTAR (Arizona Sports) account members will need to create a Disqus account or use one of the aforementioned social media logins. Thank you.
comments powered by Disqus

World Class Arizona

  • Dignity Health

    World Class People. World Class Company. Excellent care, delivered with compassion, for all in need.
  • CopperPoint Mutual Insurance Company

    SCF Arizona has a new name. They are now CopperPoint Mutual Insurance Company.
  • Taylor Morrison

    World Class People. World Class Company. We are a national home builder committed to building homes inspired by you.
  • Go Daddy

    World Class People. World Class Company. Go Daddy is a Fortune 100 "Best Companies to Work For."
  • Avnet

    World Class People. World Class Company. Here's information on a Fortune 500 company from Arizona.

Voice For A Better Arizona

  • Working For Arizona

    The business and economics of Arizona at the start of 2014 and looking forward.
  • Arizonans In Need

    Putting a focus on charities and organizations who provide help and/or need your help to fulfill their missions.
close

Share: