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December 4, 2013 10:59 am
E-Filing Up in 2013
Final statistics for the 2013 filing season (for 2012 income tax returns) show that e-filings increased by 2.5%. A total of more than 122 million returns were e-filed by tax professionals or by taxpayers using software and online options.
Refunds were down slightly. The average refund check was only $2,744, compared with $2,794 in the prior year. But use of direct deposit for refunds increased by 1.2%.
Source: IR-2013-94
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Tax Glossary
Installment sale
A sale of property that allows for tax deferment if at least one payment is received after the end of the tax year in which the sale occurs. The installment method does not apply to year-end sales of publicly traded securities. Dealers may not use the installment method. Investors with very large installment balances could face a special tax.
