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Tax Preparation Services in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Tax Preparation Services Market Research Report | NAICS 54121d | Mar 2014

Paying off: New regulations and expanded tax services will lead to modest revenue growth

IBISWorld’s Tax Preparation Services market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$10bn
Annual Growth 09-14
1.3%
Annual Growth 14-19
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Profit
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Employment
318,926
Businesses
111,568
Industry Analysis & Industry Trends

Demand for tax preparation services has been restrained over the five years to 2014 due to falls in employment and income levels. In addition, consumers have opted to do their own taxes to save money, using a growing number of free options and at-home software products. While employment and income levels are forecast to pick up and stimulate industry demand, tax preparers will still face strong competition. Nonetheless, an expansion of industry services will lead to modest revenue growth... purchase to read more

Industry Report - Industry Analysis Chapter

Individuals must file tax returns if their incomes surpass a certain level; this level changes based on filing status, age and type of income received. Due to reduced incomes and employment caused by the economy's slowdown, demand for the Tax Preparation Services industry declined in 2009 and 2010. Low employment and income levels meant that fewer individuals reached the income threshold that requires tax filing, slowing industry growth over the five years to 2014. IBISWorld estimates revenue has grown at an average annual rate of 1.3% to $10.1 billion over the five-year period, including anticipated growth of 3.5% in 2014.

According to H&R Block, the industry's largest firm, the number of tax returns filed with the Internal Revenue Service (IRS) declined 1.7% in 2010... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Tax Preparation Services Industry?

Firms in this industry provide tax return preparation services to individuals without also providing accounting, bookkeeping, billing or payroll process services. Although the offices of CPAs are excluded from this industry, basic knowledge of tax law and filing requirements is required.

Industry Products
Basic tax preparation servicesStandard tax preparation servicesFull-service tax preparation servicesTax-related financial products
 
Industry Activities
Income tax compilation servicesIncome tax return preparation servicesTax return preparation services


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