SOURCE: Petz Enterprises, Inc.

June 01, 2006 14:54 ET

TaxBrain.com® Posts 3rd Consecutive Record-Breaking Season With 35% Increase in Do-It-Yourself Electronic Returns

TRACY, CA -- (MARKET WIRE) -- June 1, 2006 -- "As tax season 2006 winds down, the Internet has finally relegated pencil-and-paper tax preparation obsolete," said Leroy E. Petz, Sr. President of Petz Enterprises, Inc, (http://www.petzent.com) whose TaxBrain.com® (http://www.taxbrain.com) brand is the third largest independent online tax service in the U.S.

For the third consecutive year, TaxBrain.com's exclusive online tax services concentration outpaced industry giants Intuit's TurboTax (http://www.turbotax.com) and H&R Block's Taxcut (http://www.taxcut.com). Intuit posted a 20% increase in total retail sales, while a recent H&R Block report claims 17.4 increase in digital sales.

Overall estimated industry growth of federal returns prepared and filed online increased 20% from 6.1 million in 2005 to 7.3 million in 2006. Consistently besting the industry leaders, TaxBrain.com reported 35% total federal returns growth in 2004 and 2006, and 32% increase in 2005.

"Two key factors are signaling continued growth in online tax preparation and filing," Mr. Petz continued. "First, increasing costs at retail tax offices -- H&R Block reports an average taxpayer spends $160 -- are moving people to the Internet where online tax preparation and filing averages around $50. Second, broadband penetration and overall Internet usage continues to skyrocket. The IRS is reporting that 20 million Americans filed their taxes from home computers -- an 18% increase.

"TaxBrain.com's strong growth indicates the success of our expanded channels strategy that began in 2004. There are a lot of opportunities to grow distribution and expand TaxBrain.com market share," he said.

"A great deal of credit goes to our technical and software development staff who made the annual chore quick and painless," Mr. Petz added. " While our figures are considerably better than the industry average, it proves once again that if given the opportunity people will find ways to do something better and faster. This is proved conclusively by the 2006 online tax preparation performance data," concluded Mr. Petz.

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 enable 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
    978-524-9595
    Email Contact