Majority of American Consumers Prefer to do Taxes on their Own

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More than 50 percent of consumers polled by American Consumer Credit Counseling said they will file their tax return themselves

By filing taxes, many consumers will receive a tax refund that can be used to maximize their financial positioning by paying down debt or saving for the future.

According to a recent survey of budget-conscious consumers by American Consumer Credit Counseling, 53 percent of respondents said they prefer to do their taxes on their own while 39 percent preferred to hire a professional.

Of the respondents who plan to file a tax return in 2016, 78 percent said they file as soon as they receive the documents, 21 percent said they wait until the last moment to file and less than 5 percent either file after the deadline or not at all.

According to the survey, 79 percent of the respondents who said they will hire a professional to do their taxes will spend between $100 and $300 – almost 40 percent plan to spend between $100 and $200, 17 percent between 200 and 300 and almost 11 percent over $300.

“Regardless of how consumers plan to file their tax returns, it is important that they do so,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “By filing taxes, many consumers will receive a tax refund that can be used to maximize their financial positioning by paying down debt or saving for the future.”

Thirty-seven percent of respondents surveyed said they will use their tax return to pay down debt, 20 percent will add to savings, 16 percent will catch up on monthly bills, 4 percent will use it to make a purchase and less than 1 percent will invest.

72 percent of the respondents who participated in the survey have an income between $20k and $75K and 88 percent were between the ages of 25 and 64.

The online poll of 179 participants was conducted by American Consumer Credit Counseling on the organization’s website. You can view an infographic illustrating the poll results HERE.

ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:

  •     For credit counseling, call 800-769-3571
  •     For bankruptcy counseling, call 866-826-6924
  •     For housing counseling, call 866-826-7180
  •     Or visit us online at ConsumerCredit.com

About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management and debt relief through education, credit counseling, and debt management solutions. Each month, ACCC invites consumers to participate in a poll focused on personal finance issues. The results are conveyed in the form of infographics that act as tools to educate the community on everyday personal finance issues and problems. By learning more about financial management topics such as credit and debt management, consumers are empowered to make the best possible financial decisions to reach debt relief. As one of the nation’s leading providers of personal finance education and credit counseling services, ACCC’s certified credit advisors work with consumers to help determine the best possible debt solutions for them. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). .To participate in this month’s poll, visit ConsumerCredit.com and for more financial management resources visit TalkingCentsBlog.com.

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Marissa Sullivan
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