Every April 15, Americans have to make sure that their annual tax returns are submitted. Tax Day has even become somewhat of a holiday, with businesses offering specials and promotions as a way to attract those who have received tax refunds and are looking to spend that extra cash. So how many are just submitting their tax returns for the year on Tax Day? And how many might use their refunds to patronize tax season sales?
In Ask Your Target Market’s latest survey, 11% of respondents said they submitted their yearly tax returns right away in January this year. 27% submitted theirs in February, making it the most popular time for people to submit their tax returns for the year. 25% submitted their tax returns in March. 22% did so in early April. And 16% waited until the deadline or just before.
In general, just 7% of respondents said that they always wait until the last minute to submit their yearly tax returns. 18% have done so many times. 20% have waited until the last minute at least once. And 55% never have.
People have plenty of options when it comes to actually preparing and submitting their returns. However, 55% said that they submitted their tax returns themselves this year. 32% had a company or tax professional prepare their returns. And 13% had their returns prepared in another way, like by a family member or friend.
The majority of respondents, 59%, said that they either have received or expect to receive a tax refund this year. 16% said they have to pay extra. Another 16% said that theirs came out to be about even, so they don’t owe or receive a refund. And 9% were unsure.
Of those who received or planned to receive a refund, 38% said that they find tax season promotions, where businesses try to attract people to spend their refunds, to be at least somewhat effective. And 27% said they’ve actually made purchases based on those tax season promotions. The top businesses that utilize tax season promotions, according to respondents, include Walmart and various furniture stores and auto dealerships.
You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.
What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.
Results were collected on April 13 via AYTM’s online survey panel.