The Santa Barbara Tax Products Group, an advance tax refund provider, is raising its loan limit to take into account higher-than-average inflation.
As tax season approaches, the rise in the cost-of-living expenses has placed a heavy burden on millions of American families nationwide.
Although annual inflation fell to 6.5 percent last month, from its historical high in June of 9.1 percent, it is three times higher than the pre-pandemic average.
Increasing numbers of Americans are looking to make advances against their income tax refunds this season, as continuously rising prices strain household budgets and pandemic era stimulus programs come to an end.
“One big change this year is that most temporary COVID-19 relief measures and programs have expired,” Kathy Pickering, H&R Block’s chief tax officer, told Fox Business….