Fewer Americans Plan to Earmark Tax Refunds for Savings, Investments or Debt Reduction than in Years Past According to Taxsoftware.com Survey

News provided by

Feb 09, 2015, 08:00 ET

BETHESDA, Md., Feb. 9. 2015 /PRNewswire/ -- A new survey by Taxsoftware.com found that 28% of Americans plan to use their federal and state tax refunds for savings or investments, while 33% said they will use the money to help pay off debts. This is down significantly from 2007 when a majority of Americans said they would use the refunds for savings (59%) or debt reduction (54%).

In the latest survey, 12% said they will use their tax refunds to make home improvements; 12% plan to take vacations, buy products, or donate to charities; and 8% will pay their mortgages or education loans. Twenty-six percent said they will use the funds for other purposes.

The survey was conducted for 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, "As the economy has improved over recent years, taxpayers have shown that they are much less interested in using tax refunds to build up savings or pay off debts. Americans obviously think they have more important things to do with their money."

The survey was conducted February 1-4, 2015 by Google Surveys and has a margin of error of 2.4%. The survey consisted of a national sample of 4743 of 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.

About Taxsoftware.com

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

For online products go to http://www.taxsoftware.com

To download Taxsoftware.com's newest apps for iPad, Mac, and Windows 8 tablets, go to
http://www.taxsoftware.com/macdinstructions.htm
http://www.taxsoftware.com/windows8products.html

Media Contact:
Mickey Macedo
301-320-7080
[email protected]

SOURCE Taxsoftware.com