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OVER HALF OF AMERICANS ARE MORE CONCERNED ABOUT THEIR FINANCIAL SITUATION THAN LAST YEAR
New data shows that nearly one in four Americans anticipate a lower tax refund this year amidst uncertain economic climate
DALLAS, Jan. 17, 2024 /PRNewswire/ -- A new survey from TaxAct® reveals growing financial insecurities in the U.S. More than half of Americans say they are more concerned about their financial situation this year than last year, with three in four worried about the cost of basic necessities such as food (75%) and utilities (77%). Adding to that concern is their anticipation of lower tax refunds next year that would have potentially helped offset this worry.
Rising costs, debt and unemployment are shown to have impacted many consumers' financial plans and savings goals. Ultimately, 56% of Americans are living paycheck to paycheck, and plan to prioritize savings into 2024 – with their top priority being saving for an emergency fund (31%).
"We're seeing that financial worries are impacting Americans across the board and are a key point of concern going into tax season," said TaxAct Chief Product Officer, Bastien Martini. "People are looking to save as much as possible and make the most of their money. That's why TaxAct is committed to helping people navigate the complicated tax system and ensuring they receive their maximum refunds."
This year's survey explored changes in financial attitudes year over year compared to the findings of TaxAct's 2023 consumer survey. Designed to identify the main financial concerns and personal finance trends during this tax season, the survey identified two distinct categories that highlight Americans' financial uncertainty.
INFLATION CONTINUES TO BE A MAJOR CONCERN
Inflation continues to trend as the top financial concern for Americans. Nearly two in three Americans (64%) cited inflation as their top financial concern in 2023. This concern persists amidst the ripple effects of an uncertain financial climate.
INCREASING WORRY ABOUT TAXES
As Americans worry about their financial situations and cautiously save money, the survey found that anxieties about taxes have emerged as a key theme heading into 2024. 35% of Americans are worried about filing their taxes incorrectly, while 37% noted they are struggling to understand what deductions to take. In addition, 29% are afraid of being audited – meaning they need a trusted partner to help them understand how to file correctly.
How TaxAct Can Help Maximize Refunds
TaxAct has many features and resources to help filers get the most out of their tax return and file confidently this season, including:
- Deduction Maximizer™: TaxAct's proprietary tool offers customized suggestions based on your personal tax situation, helping you uncover additional tax advantages and checking dozens of additional deductions we know from experience folks don't think to look for. Each deduction you claim may reduce the amount of tax you owe, resulting in a lower IRS bill overall.
- $100k Accuracy and Maximum Refund Guarantees: With the strongest accuracy guarantee in the industry, filers can rest assured that all calculations on their returns are correct and that they won't get a bigger refund anywhere else.1
- Xpert Assist: If you have questions while completing your return, add Xpert Assist to easily connect one-on-one with TaxAct's team of experts and get the advice you need, so you can file with confidence.2
Further details and disclosures on TaxAct consumer 1040 tax preparation products and related features are available on the TaxAct website.
Survey Methodology
This national survey was conducted on December 13-18, 2023, via an online questionnaire. TaxAct surveyed more than 2,500 Americans ages 18+ to identify the main financial concerns and personal finance trends going into the new tax season.
About TaxAct
TaxAct is a savvy, tax-?ling solution that provides filers with a?ordable DIY tax software to successfully navigate the U.S. tax code. As a pioneer in the industry, TaxAct's products enable all users – regardless of profession, tax bracket or complexity of their return – to quickly and accurately ?le their taxes all while discovering new ways to leverage their tax situation and improve their ?nancial well-being. At TaxAct, taxes are our expertise, but we don't see them as the end goal. Rather, we believe taxes are a stepping-stone to possibility. Possibilities that are unique as every ?ler. Possibilities that help each hardworking American not only claim the money they deserve but also enable them to make smart money decisions. We deliver the power of possibility through straightforward technology to help ?lers secure their best tax outcome and elevate their ?nancial lives.
To learn more about TaxAct, a business of Cinven, Inc., visit www.taxact.com or connect with us on Facebook, LinkedIn, and Twitter.
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SOURCE TaxAct
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