Most Americans Continue to Earmark Tax Refunds to Help Pay Off Debts
BETHESDA, Md., Feb. 3, 2014 /PRNewswire/ -- According to a new survey, 32% of Americans plan to use their anticipated federal and state tax refunds to help pay off debts. Other taxpayers say they will earmark their refunds for savings or investments (27%), buying products (11%), making home improvements (9%), taking vacations (11%), giving to charities (9%), or paying mortgages or education loans (5%).
The survey was commissioned by Taxsoftware.com, which launched the first iPad app for federal tax returns in 2011. Respondents could choose more than one way on how they plan to spend their refunds; percentages have been rounded up or down.
Taxsoftware.com spokesperson Mickey Macedo said, "Our survey results are consistent with similar polls we've conducted in recent years, and continue to demonstrate that Americans place a high priority on using their refunds to help improve their personal lives. This should be good news for the economy."
The survey was conducted January 20-29, 2014 by Google Surveys and has a margin of error of three percent. The survey consisted of a national sample of 5,426 adults 18 years of age or older from an online panel. The sample's composition reflects that of the U.S. adult population according to U.S. Census data.
Taxsoftware.com developed the first online Individual income tax Form 1040 web site in 1996; the first online Partnership 1065 web site with e-file in 2000; the first online Trust 1041 web site with E-file in 2001; and the first online Corporate 1120/1120S tax web site with e-file in 2004, using the new implemented IRS MeF system. Form 990 was added to Taxsoftware.com's portfolio in 2007. Information returns and Excise tax products are also offered by Taxsoftware.com.
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