Intuit Helps People Procrastinate on Tax Returns
One might think that the recession would compel people to file their tax returns earlier. Who couldn’t use the extra cash? But it turns out that Americans have never filed later.
That’s according to a man who knows something about taxes: Brad Smith, CEO of Intuit (INTU), which makes the popular TurboTax software. “Technology makes it easier to wait later,” Smith said in a recent interview.
About 35 million tax returns are done with software or online, and about 22 million of those are done through TurboTax. People have waited longer to file each year for the last decade, says Smith. There’s usually a small peak in late January when workers get their W-2s, then a lull in February and March. On April 14, the number of people filing through TurboTax shoots up and stays there until the deadline passes a day later.