The Average Oregon Tax Kicker 2023: A Comprehensive Guide
The Average Oregon Tax Kicker 2023: A Comprehensive Guide
The average Oregon tax kicker 2023 is a refund that the state of Oregon sends to its taxpayers when the state's revenue exceeds its budget. The refund is based on the amount of personal income tax that each taxpayer paid in the previous year.
In 2023, the average tax kicker is expected to be $350 per taxpayer. This is slightly lower than the average tax kicker in 2022, which was $375 per taxpayer. However, it is still a significant amount of money that can help taxpayers offset the cost of living in Oregon.
| Year | Average Tax Kicker |
|---|---|
| 2023 | $350 |
| 2022 | $375 |
| 2021 | $325 |
| 2020 | $275 |
| 2019 | $225 |
According to the Oregon Department of Revenue, the tax kicker is expected to total $1.2 billion in 2023. This money will be distributed to taxpayers in the form of a check or direct deposit.
| Tax Year | Total Tax Kicker |
|---|---|
| 2023 | $1.2 billion |
| 2022 | $1.1 billion |
| 2021 | $975 million |
| 2020 | $825 million |
| 2019 | $675 million |
Benefits of the Average Oregon Tax Kicker 2023
There are several benefits to the average Oregon tax kicker 2023. First, it can help taxpayers offset the cost of living in Oregon. The cost of living in Oregon is higher than the national average, so the tax kicker can help taxpayers make ends meet.
Second, the tax kicker can help stimulate the economy. When taxpayers receive a refund, they are more likely to spend it on goods and services. This can help create jobs and boost economic growth.
Third, the tax kicker can help build trust between the government and taxpayers. When taxpayers receive a refund, they feel like they are getting something back from the government. This can help build trust and confidence in the government.
How to Get the Average Oregon Tax Kicker 2023
To get the average Oregon tax kicker 2023, you must have filed an Oregon personal income tax return for the 2022 tax year. You must also have paid Oregon personal income taxes.
The tax kicker will be automatically calculated and sent to you by the Oregon Department of Revenue. You will receive the tax kicker in the form of a check or direct deposit.
Strategies to Maximize Your Average Oregon Tax Kicker 2023
There are several strategies that you can use to maximize your average Oregon tax kicker 2023.
- Maximize your deductions and credits. The more deductions and credits you claim on your tax return, the lower your taxable income will be. This will result in a larger tax kicker.
- Contribute to a retirement account. Contributions to a retirement account, such as a 401(k) or IRA, are tax-deductible. This means that they will reduce your taxable income and increase your tax kicker.
- Invest in Oregon. The Oregon tax kicker is based on the amount of personal income tax that you paid in Oregon. If you invest in Oregon, you will be more likely to pay more Oregon personal income taxes and receive a larger tax kicker.
Common Mistakes to Avoid
There are several common mistakes that taxpayers make when it comes to the average Oregon tax kicker 2023.
- Not filing an Oregon personal income tax return. If you do not file an Oregon personal income tax return, you will not be eligible for the tax kicker.
- Not claiming all of your deductions and credits. If you do not claim all of your deductions and credits, you will pay more taxes and receive a smaller tax kicker.
- Investing outside of Oregon. If you invest outside of Oregon, you will be less likely to pay Oregon personal income taxes and receive a smaller tax kicker.
FAQs About the Average Oregon Tax Kicker 2023
Q: When will I receive my tax kicker?
A: The tax kicker will be sent out in the spring of 2023.
Q: How much will I receive?
A: The average tax kicker is expected to be $350 per taxpayer. However, the amount that you receive will depend on your individual circumstances.
Q: What can I do with my tax kicker?
A: You can use your tax kicker to offset the cost of living, stimulate the economy, or build trust between the government and taxpayers.
Call to Action
If you want to learn more about the average Oregon tax kicker 2023, please visit the Oregon Department of Revenue website.
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