LOS ANGELES, Jan. 25, 2016 /PRNewswire/ -- To uncover the tax-filing habits of Americans today, leading personal finance website GOBankingRates surveyed over 5,000 Americans asking how they file their taxes. Just over 43 percent of the participants responded that they either plan to use a digital tax prep tool or plan to fill out the IRS forms themselves when filing their taxes in 2016.
How Americans File Their Taxes:
- Digital tax prep tool (e.g. Turbo Tax) ― 34.5%
- I have an accountant file my taxes ― 28.5%
- A friend or family member does it for me ― 10.9%
- I use the IRS forms and calculate myself ― 8.5%
- Brick-and-mortar company (e.g. H&R Block) ― 8.3%
- I do not file my taxes ― 9.2%
"Americans still use a wide variety of options to file, from mailing in self-prepared tax returns to paying an accountant to handle the task for them," said Elyssa Kirkham, the GOBankingRates finance writer on the study.
"Taxpayers have plenty to consider when choosing a tax-filing method, from filing costs and time investments to the complexity of their returns and how quickly they hoping to get a refund," Kirkham said. "Each method has its pros and cons, and being aware of your needs as a taxpayer can help you decide which is most beneficial for your tax situation."
- 45.5 percent of millennial taxpayers (ages 25 to 34) use digital tax software compared with just 27.6 percent of baby boomer taxpayers (ages 55 to 64).
- The older the tax filer, the more likely he is to have an accountant file his taxes. Filers age 65 and over are twice as likely to file through an accountant (42.5 percent) compared with people ages 25 to 34 (21.3 percent).
- Women are more likely to prefer using a brick-and-mortar tax preparation companies or have a friend or family member file their taxes. Men are more likely to file taxes themselves by using the IRS forms or hire an accountant to file on their behalf.
For additional insights on the survey findings, visit:
Methodology: GOBankingRates polled 5,028 online users from Dec. 7 to 9, 2015, through Google Consumer Surveys asking, "How do you file taxes?" The survey represents the U.S. online population and has a margin of error of 1.7 percent. Some of the findings represented exclude "none of the above" responses, and analyses based on age and gender were performed only on responses for which the respondent's relevant demographic information was available.
GOBankingRates.com is a leading portal for personal finance and consumer banking information, offering visitors the latest on everything from finding a good interest rate to strategies for saving money, investing for retirement and getting a loan. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, Forbes, Business Insider, Daily Finance, Huffington Post and more. It specializes in connecting consumers with the best financial institutions and banking products nationwide.
Connie Lundegard, Media Relations