SOURCE: Petz Enterprises, Inc.

March 29, 2006 15:58 ET

TaxBrain.com®: Online Do-It-Yourself Tax Filings 44% Ahead of Last Season; Keeps Pace With Consumer Confidence Surge

TRACY, CA -- (MARKET WIRE) -- March 29, 2006 -- The IRS (http://www.irs.gov) has decreed Tax Day as April 17th -- only 20 days from now. However, more taxpayers than ever before have already filed their returns, received their refunds, and are planning major purchases.

Craig Petz, Vice President of Petz Enterprises, (www.petzent.com), whose TaxBrain.com (http://www.taxbrain.com) is the third largest independent online tax service, said, "Through March 28, 2006, TaxBrain paid returns are up 44%. At the same time, Intuit's industry-leading TurboTax Online (http://www.turbotax.com) is reporting a 19 percent increase. H&R Block (http://hrblock.com) plans to release additional interim tax season results for its U.S. tax operations and its TaxCut software (http://www.taxcut.com) before the March 30th NYSE opening."

The IRS reports efiling from home computers, including both Internet filers and users of boxed software, is up 16.6 percent. In addition, average refunds are up 4.0%, to $2,379, as is Direct Deposit, which to date has put over $107 billion into the hands of taxpayers.

PEI estimates that Internet-based tax preparation and electronic filing is up more than 18% over last year with an expected 7.3 million Americans using the Internet to beat the tax deadline this year.

Upswing in Consumer Confidence Coincides with Increased Tax Refunds

As reported on MarketWatch ® Tuesday, March 28, 2006, "U.S. consumer attitudes brightened in March, rising unexpectedly to the most optimistic since May 2002," the Conference Board said Tuesday. "The consumer confidence index rose to 107.2 from an upwardly revised 102.7 in February, despite higher gasoline prices... the percentage of consumers who think jobs are plentiful rose to 28.4% from 27.4%, the highest in this expansion... the percentage who think conditions are "good" rose to 28.3% from 26.4%, the highest since August. Despite sagging home sales, the number of consumers who expect to buy a home in the next six months rose to 4%, the highest level since last April," according to MarketWatch.

Substantial savings for Do-It-Yourself Internet Users

"Taxpayers using an online service pay as little as $30 for non-itemized 1040 return, and slightly higher for a return with Schedule A. Online tax preparation provides significant savings compared to walk-in services, comparing very favorably with boxed software sold at retail outlets," explained Mr. Petz. "Because the IRS began accepting electronically filed reports way back in January, millions of savvy taxpayers filed early, and now have their refunds to pump directly into the economy."

About TaxBrain.com Online Tax Service

TaxBrain.com is the consumer division of Petz Enterprises, Inc. TaxBrain.com delivers online tax preparation, filing, professional assistance and representation in all 50 states. TaxBrain.com is a full-service online tax center providing tax advice, tools, and resources all year to help taxpayers manage their tax burden with greater confidence and ease. For more information visit http://www.taxbrain.com/press.

About Petz Enterprises, Inc.

Petz Enterprises, Inc. (a closely held California corporation) is a software development company and a leading provider of tax preparation and filing solutions for the professional and consumer markets, helping to automate and simplify federal, state and local tax compliance. PEI's Crosslink® line of professional tax software products enables tax practitioners and service bureaus to accurately prepare and file large volumes of individual tax returns. Founded in 1974, Tracy, CA-based PEI is dedicated to serving the need of the professional tax community and individual taxpayers worldwide. For more information, visit http://www.petzent.com

Contact Information

  • For further information contact:
    Craig Petz
    Petz Enterprises
    209-835-2720 ext 2007
    Email Contact
    -or-
    Steven Swartz
    Sizzle PR
    978-524-9595
    Email Contact