Fewer Americans Plan to Spend Tax Refunds on Vacations
BETHESDA, Md., March 12, 2012 /PRNewswire/ -- According to a new survey, only 10% of American taxpayers plan to spend their anticipated federal and state tax refunds on vacations, down dramatically from 30% last year when a similar poll was taken. Most Americans said they will use their refunds to pay off debts (29%) or add to their savings or investments (27%). The surveys were commissioned by Taxsoftware.com, which launched the first iPad app for federal tax returns in 2011.
Taxsoftware.com spokesperson Mickey Macedo said, "This new survey shows that, for millions of taxpayers, improving their own financial situation is a top priority. This is a powerful indication of consumer caution and conservatism in the face of a recovering economy."
In comparing results of the two surveys, the new poll found that of the 67% of Americans who expect to receive tax refunds this year:
- Fewer people plan to spend their refunds on savings or investments this year than in 2011 (27% v. 66%) or to pay off debts (29% v. 59%).
- Fewer individuals plan to make home improvements (8% v. 31%), buy products such as cars, electronics, or furniture (8% v. 23%) or pay mortgages or education loans (5% v. 19%).
- Fewer people plan to give their refunds to charity (2% v. 15%).
- Those who plan to "do something else" with their refunds dropped to 9% from 38% in 2011.
(Note: respondents could choose more than one way on how they plan to spend their refunds; percentages have been rounded up or down.)
The survey was conducted Feb. 12 - 15, 2012 by Ipsos, and has a margin of error of plus or minus 3.1 percent. The survey consisted of national sample of 1,005 responses by adults 18 years of age or older from Ipsos' U.S. online panel and were interviewed online. The sample's composition reflects that of the U.S. adult population according to U.S. Census data.
About Taxsoftware.com: Taxsoftware.com offers the only iPad and iPhone app that allows people to quickly file six-month extensions for individual tax returns, including 1040, 1040A and 1040-EZ, for only 99 cents (includes e-filing). The app is safe because the data is stored only on the taxpayer's device until they e-file, at which time it is encrypted and sent to the IRS. Results come back in minutes and people don't have to worry about e-filing their actual returns until October 15, 2012. Access the app at this link: http://itunes.apple.com/us/app/taxsoftware.com-4868/id416798958?mt=8
CONTACT: Mickey Macedo, +1-301-320-7080, firstname.lastname@example.org