SOURCE: UHY Advisors

April 11, 2007 09:05 ET

Nearly Half of Americans Plan to Use Tax Refunds to Pay Down Debt, According to UHY Advisors Survey

CHICAGO, IL -- (MARKET WIRE) -- April 11, 2007 -- More than 46% of Americans expecting a tax refund this year plan to use their Internal Revenue Service check to pay personal debt, according to an online survey by UHY Advisors, a leading national tax and business consulting firm.

The random survey of 1,145 Americans was conducted in March 2007 and found that 75% of Americans are expecting a tax refund this year. Of those respondents, 24% planned to use their refunds to pay credit card debt and another 22% planned to use it to pay other debt (total of 46%). Other responses included investing part of the money and spending some of it (33%), investing or saving it all (19%), spending it all (12%) and donating some of it to charity (4%).

The Internal Revenue Service reported that with nearly half of this year's tax returns filed, the average refund is $2,548, an increase of about $125 from last year.

UHY Advisors, Inc. and its subsidiary entities have more than 1,300 professionals providing services from more than 20 offices across the United States. UHY Advisors, Inc. is ranked as the 13th largest professional services firm providing tax and business consulting in the country by Accounting Today. Attest services are performed through an alternative practice structure with UHY LLP, a licensed CPA firm.

UHY Advisors, Inc. and UHY LLP are independent U.S. members of Urbach Hacker Young International Limited. For additional information, please visit UHY Advisors' Web site at www.uhy-us.com.

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