BETHESDA, Md., Feb. 22, 2016 /PRNewswire/ -- Many fewer Americans than before plan to use their tax refunds for savings, investments, or debt reduction, according to a new survey commissioned by Taxsoftware.com. This year, only 23% will use the money they get back from the government to pay off debts, while 22% will save or invest it. By contrast, in 2007 55% said they were going to pay off debt, and 59% planned to save or invest the money.
"Over the 10 years that we have asked people what they will do with their refunds, we've never seen numbers this low for these two important categories," said Taxsoftware.com Spokesperson Mickey Macedo.
Also down significantly from previous surveys are the percentages of Americans who say they will use the refunds for home improvements, vacations, to pay mortgages or education loans, or to make purchases, "People obviously think that they have better things to do with their money in 2016," Macedo said.
The survey was conducted February 10 – 11, 2016 by Google Surveys and has a margin of error of three percent. The survey consisted of a national sample of 1,007 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 launched the first iPad app for federal tax returns in 2011; 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 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