Tax Time Creates Important Opportunity to Save
TurboTax advises on importance of tax refunds to fuel savings
SAN DIEGO -- February 26, 2013
With the national savings rate hovering at just below one percent, tax time
presents a unique opportunity for Americans to jumpstart their savings. This
month alone an estimated $140 billion in refunds will reach about 45 million
people’s pockets. However, according to the American Tax & Financial Center at
TurboTax, only 25 percent of taxpayers plan to put at least a portion of their
tax refund toward savings.
An estimated 40 percent of working households do not have enough money saved
to meet the majority of their expenses for a single month. And many families
are only one unexpected car repair, illness or job loss away from exhausting
any savings they may have. In fact, approximately 39 percent of people feel
that having a savings to deal with unexpected expenses or emergencies is one
of their most important financial goals, according to Intuit TurboTax, the
nation’s leading tax preparation software from Intuit Inc. (Nasdaq: INTU).
“Setting aside a small amount of money allows people to manage unexpected
events, opens up opportunities for education andhelps families build future
financial security,” said Bernie McKay, executive director of the American Tax
& Financial Center at TurboTax. “We recommend that families put at least 30
percent of their tax refund into savings.”
With the average tax refund almost $3,000, according to the IRS, lower-income
households have the opportunity to almost double the $1,500 or less that is
typically in their checking and savings accounts.
According to research from Intuit TurboTax, 55 percent of Americans are
concerned that they won’t have enough money to retire. Tax refunds present
these individuals with an opportunity to help meet their financial goals.
A simple option for taxpayers is to use a portion of their tax refund to buy
U.S. Savings Bonds.
A U.S. Savings Bond is one of the safest investments available to Americans
and has many tax advantages.
Sold in denominations of as little as $50, Series I bonds, available for
purchase through TurboTax, are accessible to every taxpayer who receives at
least a $50 federal tax refund.Taxpayers can use a portion of their tax
refund to buy bonds and have the remainder deposited into a bank account or
pre-paid debit card.
Visit the American Tax & Financial Center at TurboTax for a full report and
About The American Tax & Financial Center at TurboTax
Established in November 2012, The American Tax & Financial Center at TurboTax
provides objective and independent data and insights on tax and personal
finance trends. The Tax Center is now available to provide taxpayers,
policymakers and media with resources and expert commentary on the impact of
taxes on U.S. consumers.
The center’s primary goal is to help Americans in understanding financial
matters so they can make informed financial decisions. The center educates and
advocates for individuals by helping them take ownership of their financial
future. For more information, visit The American Tax & Financial Center at
TurboTax is the nation’s No. 1 rated, best-selling, do-it-yourselftax
preparation software. Available on desktop, online and mobile, TurboTax helped
more than 25 million people last year keep more of their hard-earned money.
For more information, visit theTurboTax press room,like us on Facebook
atwww.facebook.com/turbotax,follow us on Twitter attwitter.com/turbotax,or
visit our blog, Tax Break: The TurboTax Blog, atblog.turbotax.intuit.com/.
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including banks and credit unions; consumers and accounting professionals. Its
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Ashley McMahon, 858-215-9069
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