![]() Historical data also shows that after Tax Day passes, sales for tax preparation services drop significantly, with the exception of another small spike in the fall that coincides with the tax extension deadline of October 15.įor the first few months of 2020, the tax prep industry’s sales volume followed roughly the same pattern as previous years. In 2017, 2018, and 2019, roughly 26 percent of annual sales for tax preparation services occurred during the week of or week before Tax Day, which usually takes place around April 15. ![]() In 20, fewer tax prep sales occurred the week of and before Tax Day However, TurboTax continues to lead the tax prep industry and has steadily gained market share from its competitors over the past three tax seasons. Consumer transaction data reveals that, consequently, sales for the tax prep industry were more spread out in 20 compared to previous years, resulting in smaller-than-usual sales spikes the week of and week before Tax Day. As a result of this panel change, however, we recommend using only the latest posts in assessing metrics, and do not support referring to historical blog posts to infer period-over-period comparisons.ĭue to the COVID-19 pandemic, the federal income tax deadline for individuals was extended for the past two years, to July 15 in 2020 and May 17 in 2021. Our data continues to be broadly representative of U.S. NOTE: Bloomberg Second Measure launched a new and exclusive transaction dataset in July 2022. ![]()
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