Home is where the heart is—and where the majority of Americans file their taxes, according to a recent report by GOBankingRates.com. Individuals cited in the report plan to file taxes from the comfort of home this year, many with the help of a digital preparation tool.
“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,” says Elyssa Kirkham, the GOBankingRates finance writer on the study.
Breaking down the filing habits based on findings from the report:
• 34.5 percent of taxpayers file with a digital preparation tool
• 28.5 percent of taxpayers file through an accountant
• 10.9 percent of taxpayers file with the help of a family member or friend
• 8.5 percent of taxpayers file with IRS forms
• 8.3 percent of taxpayers file through a brick and mortar company
“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 adds. “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.”
Interestingly, a generational pattern emerged in the report findings. The older the tax filer, the more likely he or she is to have an accountant file his or her taxes—filers age 65 and older are twice as likely to file through an accountant compared to filers age 25 to 34.
Published with permission from RISMedia.