1. The majority of tax preparers are small businesses. 37% of tax businesses are run by a single person, and 53% employ fewer than ten people.
2. An estimated 60% of tax filers in the U.S. use a professional tax preparer. Lack of time and an increasingly complicated tax code are leading more and more people to seek outside help in preparing their tax returns.
3. The IRS estimates that it takes 16 hours (including the time it takes to gather the necessary documents) to complete the Form 1040, the individual return that nearly 70% of Americans use. However, if individuals own a business, have investments beyond a typical IRA or 401K, or have any kind of other layers to work out on his or her tax forms, their taxes could be more complicated to fill out and file.
4. Tax prep franchises also provide peace-of-mind to their customers. When an individual signs a tax return, it means he or she is on the hook for any questions the government might have – even years down the road. By using a tax pro, like a franchise, individuals can have a buffer between them and the IRS.
5. Many people file their taxes online. Because of this, tax preparers offer online services that fill out and file tax forms electronically, allowing tax payers to compute their own taxes at home.
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