Wedbush Securities Survey Reveals Tax Payers Concerned with Affordable Care Act, Rush to File Online at the Last Minute

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33% of respondents may seek advice regarding the Affordable Care Act (ACA). The survey shows increased adoption of online tax filing with nearly 20% of respondents that filed at brick and mortar last year favoring online this year.

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Wedbush Securities, one of the nation’s leading broker-dealers and award-winning equity research firms, today announced survey results capturing sentiment and behavior of tax payers this season. Results indicate a growing shift to online services (like TurboTax and H&R Block At Home) from traditional brick and mortar operations, while highlighting concern over tax implications of the Affordable Care Act (ACA) next year. The survey was conducted April 16 and 17, 2013, offering data from 2,644 tax filers.

“The Affordable Care Act will create a lot of uncertainty for Americans,” said Gil Luria, Managing Director, Research, covering financial technology stocks at Wedbush Securities. “The big question is - who will win the race to help answer the questions around health insurance and tax implications?”

Wedbush Equity Research survey highlights include:

  • 33% of tax payers may seek advice regarding the ACA, while 24% of those surveyed indicated that as the ACA is implemented they may change how they file taxes - leading tax providers to scramble to provide this advice
  • 28% of respondents filed their taxes during the last two weeks (as compared to 20% last year) at the end of a tax season that was compressed by the fiscal cliff debate
  • Online tax preparation services grew faster than any category this year, with 19% of respondents shifting to online services from brick and mortar tax stores as young tech-savvy filers replace older filers

To obtain a complete copy of the report, please contact the Wedbush Equity Research team at (213) 688-4529.

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About Wedbush Equity Research
Wedbush Equity Research offers in-depth and differentiated research coverage across a wide variety consumer, technology and life sciences sectors. The team, comprised of more than 25 publishing analysts, generates timely, insightful analyses and the firm’s award-winning Wedbush Best Ideas List - an actively monitored compilation of stock ideas identifying outperformance trends over the forward 6 to 12 month period. Wedbush Equity Research has repeatedly been named a “Top Stock Picking Firm” by Barron’s and Zacks Investment Research, and consistently ranks among the industry’s leading performance surveys including StarMine’s “Analyst Performance Survey,” Financial Times’ “Top Analysts,” Institutional Investor’s “Rising Stars of Wall Street Research” and The Wall Street Journal’s “Best of the Street.”

About Wedbush Securities
Founded in 1955, Wedbush Securities is a leading investment firm that provides brokerage, clearing, investment banking, equity research, public finance, fixed income sales and trading, and asset management to individual, institutional and issuing clients. Headquartered in Los Angeles, with over 100 offices, the firm focuses on relentless service, client financial safety, continuity, and advanced technology. Wedbush Securities is the largest subsidiary of holding company WEDBUSH, Inc., which also includes affiliated firms Wedbush Bank, Wedbush Capital Partners, Wedbush Opportunity Partners, and Lime Brokerage LLC. Follow us on Twitter @Wedbush.

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Matthew Chisum
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