Langdon & Company LLP is a Raleigh accountant firm providing professional accounting services based on clients needs, capabilities and budget. According to a recent study, nearly half of Americans who pay income tax will take their information to an accountant and have them fill out the paperwork.
It appears that Americans feel they will receive a bigger tax refund by having an accountant work on their taxes. Moreover, another fraction of taxpayers will take their taxes to friend or family, meaning most Americans do not do their own taxes, according to a Workanomix survey.
The same survey indicated that more than half of Americans are not doing their taxes and showed that men do their taxes more often than women. According to the study, women are more likely to be multitasking at work and home, so they are relying on accounting professionals to handle some of their business, freeing up some time. Of the current taxpaying generations, Generation X is more likely to do their own taxes by a slim margin.
The bulk of Americans are reining in their spending due to 2013’s increased income taxes. These tax increases are averaging at more than $100 lower take home per month, so there is a significant cutback on eating out and entertainment. The survey also shows individuals hitting their retirement funds to cover medical costs, unemployment and repairs.
When a person decides not to do their own taxes, accountants should take heed of why they decided to bring their business to a profession. For the most part, more than half, people cite wanting a big refund as their reason for going to a Raleigh accountant such as Langdon & Company LLP.
Nearly half of those going to accountants said they did not want to make a mistake. The IRS is a little frightening, after all. Of these people, 24% said doing taxes was “daunting.” Others were afraid of audits. Interestingly, 9% of income taxpayers said they were just too busy to do their own accounting. Contact Langdon & Company LLP today to assist with your accounting needs.