The findings, based on a survey of nearly 15,000 U.S. consumers, show that Americans are filing their taxes early and doing so through lower-cost tax filing services.
“LoopMe’s AI survey technology measures real-time consumer sentiment to deliver hyper-targeted audience segments, uniquely enabling us to poll thousands of consumers in any sector with minimal effort,” said Dan Sicular, head of Analytics and Insights at LoopMe. “With tax season upon us, we have leveraged the power of our AI survey technology to garner valuable insights into consumer tax filing, planning, and sentiment this year.”
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“LoopMe’s AI survey technology measures real-time consumer sentiment to deliver hyper-targeted audience segments, uniquely enabling us to poll thousands of consumers in any sector with minimal effort”
For this study, LoopMe surveyed 14,771 US consumers on their mobile devices via LoopMe’s proprietary AI-led survey technology, PurchaseLoop™ Audiences. The survey was conducted between January 18th and January 21st, 2024. Key findings include:
- Americans, by and large, plan to file their taxes early: Nearly half of 35-64 year-olds, in particular, plan to file their taxes at least one month in advance
- Lower-cost tax filing options have become more popular: 67% of Americans are planning to file their taxes through a self e-file service or an assisted service company.
- Respondents want to keep tax filing simple, but relationships still matter: Americans who are not currently open to changing providers overwhelmingly cite a long-standing relationship with their accountant/CPA. Meanwhile, the top three most important factors that Americans list when selecting a tax filing service are ‘Efficiency’ (21%), ‘Convenience’ (21%), and ‘Cost’ (21%). Americans who plan to file their taxes via a self e-file service, in particular, are 20% more likely to consider ‘Convenience’ and ‘Cost’ as important factors.
- Advertising and consumer education is key to increasing market share: Nearly half of respondents said they are open to switching to a lower-cost service or do not know enough about how they work. Furthermore, 1 in 4 Americans said they chose their tax filing service because they were either swayed by messaging, or because they were dissatisfied with their previous service.
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