Virginia Beach, Va., Dec. 14, 2017 (GLOBE NEWSWIRE) -- Liberty Tax, Inc. (NASDAQ:TAX)
Tax reform would not take effect until 2018, if bills being reconciled by the House and Senate become law. But, in a Liberty Tax poll of more than 1,000 people, about 78 percent said they are at least slightly concerned about how tax reform will affect their 2017 taxes, which are due to be filed by April 17, 2018. Nearly 50 percent think tax reform will increase their 2017 taxes or decrease their tax refund.
“These survey results provide a clear example of why the services provided by Liberty Tax’s small business owners are needed,” said Liberty Tax CEO Ed Brunot. “Taxes are complex, and tax reform has many confused. We are here now, and we will be here after tax reform to help taxpayers navigate the complexities and get the tax refund they are entitled to receive.”
Liberty Tax commissioned its poll in December to gauge awareness of tax reform, which is a top agenda item for President Trump. Liberty Tax also wanted to see if Americans have concerns about tax reform and their 2017 taxes, which more than 135 million individuals will begin filing as early as January 2018.
Both the House and Senate have passed tax reform bills, and lawmakers are working to reconcile the differences in the bills. If the proposed changes presented in the bills become law, most would take effect in the 2018 tax year and beyond.
But, as the survey results show, many taxpayers may come to their tax preparers this tax season mistakenly believing they will see the effects of tax reform on their 2017 tax return. Nearly 20 percent of the survey respondents said they were “extremely concerned” about tax reform affecting their 2017 tax return; another 20 percent said they were “very concerned.” Just 22 percent said they were “not concerned at all.”
Nearly three-quarters of those polled think that tax reform will affect their pocketbooks, increasing or decreasing their tax refund for the 2017 tax year.
- Nearly 50 percent said they thought tax reform would slightly or greatly increase their 2017 taxes or decrease their refund.
- About 22 percent said they thought tax reform would slightly or greatly decrease their 2017 taxes or increase their refund.
- More than 28 percent said they did not believe tax reform would have an effect on their tax refund.
Liberty Tax realizes that tax reform may have added to taxpayer confusion about 2017 tax returns. The professional tax preparers at Liberty Tax will be ready to address taxpayer questions about tax reform and their 2017 tax return. Liberty Tax offices across the country will open with extended hours for tax season on January 2, 2018.
About Liberty Tax, Inc.
Founded in 1997, Liberty Tax, Inc. (NASDAQ:TAX) is the parent company of Liberty Tax Service. In the U.S. and Canada, last year Liberty Tax prepared over two million individual income tax returns in more than 4,000 offices and online. Liberty Tax's online services are available through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of seasonal tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor to many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook.
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Liberty Tax Service
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Source: Liberty Tax, Inc.