One-third of Americans will rely on tax refunds, despite falling inflation, survey finds. Here's how to get your refund faster.

Although Inflation has Fallen, Many Americans are still Struggling Financially and Will Need Their Annual Tax Refund to Help Cover The Basics.

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According to a survey released Wednesday by Credit Karma, roughly 30% of Americans say they will rely on their tax refund to make ends meet. This figure is even higher for Gen Zers and millennials, with 40% and 46% of respondents in these groups saying they will depend on the payment.
According to Courtney Alev, consumer financial advocate at Credit Karma, nearly three-quarters of Americans are expecting a tax refund this year. For many people, this will be the most significant financial windfall of their year.

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According to Personal Finance, the inflation rate for December 2022 will be 8.7%. This cost-of-living adjustment will be reflected in Social Security checks starting this month. This year, many Americans may find themselves facing financial difficulties after a year of soaring costs. While many people count on receiving a tax refund each year, this may not be enough to offset the increased costs.

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Annual inflation fell to 6.5% in December, according to the U.S. Bureau of Labor Statistics. This is a decrease from previous months, but annual inflation remains at a high level.

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The IRS has warned taxpayers that refunds may be smaller in 2023 now that many pandemic-era tax breaks, such as bigger child tax credits or more generous charitable deductions, have expired. In 2022, the average refund was $3,176 as of Oct. 28, according to the IRS, up nearly 14% from $2,791 in 2021.
If you're hoping to get a tax refund, there are a few things you can do to avoid any delays. Financial experts say it's important to be as accurate as possible when filing your taxes, and to make sure all the necessary paperwork is in order. If you have any questions, it's always best to ask a professional.

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John Loyd, a certified financial planner and owner at The Wealth Planner in Fort Worth, Texas, urges taxpayers to file electronic returns. "There's a saying in the tax world," he said. "Any time you mail something to the IRS, you want to assume that it's going to get lost."
The IRS typically issues tax refunds within 21 days, but paper-filed returns may take longer to process. To get your refund as quickly as possible, the IRS recommends filing electronically and choosing direct deposit.

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Loyd said that tax return errors can cause processing delays. Incorrect personal information, such as your Social Security number or mismatched data from tax forms, may take extra time to resolve.
The IRS announced Thursday that the tax season will open for individual filers on Jan. 23.