Consumers would do almost anything than pay their taxes, according to a new survey, even if it meant shaving their heads, foregoing the internet and social media for a year, or having the same song stuck in their heads.
The survey, from the online marketplace Offers.com, polled more than 1,000 consumers across the country. It found approximately 20 percent of consumers would rather go without the internet or social media for a year than pay taxes, with 24 percent even saying they would prefer to shave their head. The survey also broke down taxpayers along demographic lines, such as generation and gender. It found the 18-to-24-year-old age bracket has the highest concern about making a mistake when filing their taxes, with 25 percent of them saying they worry about this.
As opposed to paying their taxes, the survey found that 14 percent of men and 24 percent of women would prefer to have the same song stuck in their head for a year, 14 percent of men and 11 percent would eat their least favorite food for every meal, and 10 percent of men and 9 percent of women would have an embarrassing video of themselves go viral, among other unsavory options.
While 39 percent of the respondents still prefer an accountant or accounting firm to do their taxes, tax software such as Intuit's TurboTax or H&R Block's software came in a close second at 35 percent. However, online tax software was the clear leader among millennials, with approximately 41 percent of 18-to-34-year-olds planning to use online tax-prep software. Thirty-five percent of the consumers polled said they file their taxes in February, but a little over 13 percent of the survey respondents admitted they wait until the day before or on Tax Day to file their taxes.
The recently passed tax law promises to cut taxes and simplify the filing process, but taxpayers weren't sure about the impact on them. The survey respondents were largely uncertain about how the new tax law would affect their tax returns, even though the impact won’t be felt until next tax season. Over 50 percent of the U.S. consumers polled were unsure how the new tax law would affect their tax refund, with 19 percent slightly more optimistic, saying they believed their tax refund would increase. Approximately 22 percent of the southerners polled believe the law will lower their tax bill. Consumers in the Northeast were more divided, with around 20 percent indicating they believe their tax bill would go up and 20 percent believing their tax bill would decrease.
Asked about how they plan to spend their tax refunds, 35 percent of the survey respondents said they would use their refund to pay off debt, while 25 percent said they plan to put it away in a savings fund, and approximately 14 percent said they would spend their tax refund on a vacation or luxury purchase.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access