Tax season trends can be an important barometer for improving the health of your business. When you arm yourself with more precise information about the way people are using the various tax tools at their disposal, you can translate these insights into success for your business.
- More people are e-filing than ever. The IRS has reported that 88% of the returns they’d received as of April 18th, 2014 had been e-filed. That’s up from 2013, when e-filing was at 86%. This gives your company the opportunity to streamline your tax processes — and pass along the savings to your employees.
- More people are looking for tax advice online. In fact, online searches for tax advice have risen every year since 2014. In addition, searches for tax help videos on YouTube have risen 254% since 2011. That means that your business can be at the forefront for helping your employees navigate tricky tax questions.
- More tax return money is coming back to taxpayers. Almost $255 billion has been returned to taxpayers this year — a nearly $6 billion increase from 2013. And when your employees are more profitable, so is your business.
- Coastal residents are more likely to spend their returns on themselves. Search engine results in New York and California, for example, reveal that more people search for “television” and “vacation” in relation to their refunds.