JERSEY CITY, N.J., Feb. 15, 2018 / PRNewswire
A new survey, conducted by Jackson Hewitt, finds that millennials and Earned Income Tax Credit (EITC) taxpayers tend to have more worries around taxes and tax reform than any other group. While there were different concerns across all segments, EITC taxpayers and millennials were most concerned about the impact tax reform could have on the amount of their refund.
60% of millennials and 71% of those planning to claim EITC are concerned about missing a credit or deduction and not getting the maximum refund if they don't see a tax professional. Conversely, respondents 55 years and older have very limited or no worry about missing deductions and optimizing their refunds.
65% of EITC filers are concerned that changing credits and deductions under the tax reform will impact their taxes. 57% of millennials surveyed have the same concern.
Nearly 35% of millennials believe tax reform changes will increase the amount they pay in taxes.
30.4% of respondents believe they will pay more in taxes due to tax reform vs. just 21.6% who believe they will pay less and 23.6% who think they will pay the same. Interestingly, 24.4% of respondents were unsure of the impact of the changes, showing the need for more education.
47% of millennials felt their refund arrived later than they expected last year, and 63% of these respondents were very concerned about the perceived delay.
34% of respondents who file with online software are concerned they won't get the most from their return because they didn't visit a tax pro.
"The Tax Cuts and Jobs Act is the most extensive change to tax law that we have seen in over 30 years, so it isn't surprising that many of our clients are concerned about the impact this will have on their taxes," said Mark Steber, Chief Tax Officer of Jackson Hewitt. "With so many changes, taxpayers with any questions or concerns should consider getting help from a trusted tax professional even if they do not historically use one and have done their own taxes in years past or planned to this year. This is a good year to make sure your taxes are the best they can be, and a little help could pay for itself as big changes come into full play in 2018."
For help understanding how tax reform will impact your taxes, visit a Jackson Hewitt near you.
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. is an innovator in the tax industry, with a mission to provide its hard-working clients access to simple, low-cost solutions to manage their taxes and tax refunds. Jackson Hewitt is devoted to helping clients get ahead with Maximum Refund and 100% Accuracy Guarantees. With close to 6,000 franchised and company-owned locations, including 3,000 in Walmart stores, and online and mobile tax solutions, Jackson Hewitt makes it convenient for clients to file their taxes. For more information about products, services, and offers, or to locate a Jackson Hewitt office, visit www.JacksonHewitt.com or call 1 (800) 234-1040.
The Jackson Hewitt survey was conducted online by ResearchNow from December 19-28, 2017, among 2,062 American adults aged 18 and older. Respondents to the survey were selected from among those who volunteered to participate in online surveys. One thousand fifty-nine complete surveys were collected using the sample framework based on U.S. Census data for age, ethnicity, gender, region, and income and one thousand three complete surveys were collected using framework based on the millennial generation defined as males and females aged 20 to 36.