This year’s tax season will start against a very different backdrop.
Approximately 18 million people are on some form of unemployment assistance and savings rates are drooping along with personal income. Between August and December, a growing number of people said it’s hard paying for usual household expenses.
Income tax refunds — and claims on missed stimulus checks — may not be a welcome surge in cash this year. They might be a financial lifeline.
Refunds last year averaged $2,535, which is more than the first $1,200 stimulus check and the second $600 payment combined.
The Internal Revenue Service knows the stakes going into Feb. 12, the date when it will start…