New Delhi, Jan. 28 -- Tax season is here, and refunds are an important source of income for many Americans. For many households, tax refunds represent the largest single payment they receive each year. The Internal Revenue Service (IRS) stated that the average refund last year was nearly $3,200.

This year, refunds could reportedly be even higher, as a recent analysis from financial services firm Piper Sandler suggests the typical refund may increase by about $1,000. That would bring the average refund to roughly $4,200, although actual amounts will vary depending on individual circumstances and the impact of the Republicans' "big, beautiful" tax and spending legislation, according to CBS News.

For example, older Americans who qualify fo...