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Tax Preparation Services Market Report 2024 - Tax Preparation Services Market Analysis, Demand And Growth
Tax Preparation Services Market
According to The Business Research Company's, The tax preparation services market size has grown steadily in recent years. It will grow from $31.12 billion in 2023 to $32.62 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to traditional tax filing practices, complex tax regulations, changes in tax laws, small business growth, consumer awareness and education.
The tax preparation services market size is expected to see strong growth in the next few years. It will grow to $40.6 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to advancements in tax software, remote work and virtual services, regulatory emphasis on digital reporting, economic changes and stimulus programs, personalized tax planning services.. Major trends in the forecast period include focus on customer education, expansion of diy tax software, data analytics for insights, mobile tax filing services, environmental, social, and governance (esg) considerations.
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Market Drivers and Trends:
The increasing small and medium-sized enterprises are expected to propel the growth of the tax preparation services market going forward. Small and medium-sized businesses are privately owned businesses with capital, workforce, and assets that fall below a certain level set by national guidelines. Small and medium-sized businesses are frequently used to pay the goods and services tax. Governments recognize the importance of small and medium-sized enterprises (SMEs) in the economy and regularly offer incentives, such as favorable tax treatment and easier access to loans, to help them stay in business, which boosts the growth of the tax preparation services market. For instance, in May 2022, according to a report shared by the US Small Business Administration., a US-based government agency, there will be 31.7 million small businesses and 20,139 large businesses in the US. In the US, small businesses added 10.5 million net new jobs over the past two decades, while large businesses added 5.6 million jobs. And these numbers are expected to increase in the future. Therefore, an increasing small and medium-sized enterprises is driving the growth of the tax preparation services market.
Technological advancement is a key trend gaining popularity in the tax preparation services market. Major companies operating in the tax preparation services industry are focused on developing innovative solutions to strengthen their position in the market. For instance, in January 2023, April Tax Solutions Inc., a Canada-based accounting and tax service company, launched its Tax Platform technology, which simplifies the filing process and integrates tax preparation into broader financial wellness, especially for Americans. Itis assists Americans in gaining control of their taxes by utilizing the most recent advances in natural language processing and human-assisted AI. April's personalized engine offers taxpayers a fast, frictionless, and affordable tax experience, aimed at making the tax process easier. It creates a new standard for tax solutions for low-income families. April works directly with banks and financial institutions to break down the barriers that have traditionally existed between tax and financial planning, making tax work easier.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
BDO Global; Deloitte Consulting LLP; Ernst & Young Global Limited; H&R Block Inc.; KPMG International Limited; RSM US LLP; Ryan LLC; Jackson Hewitt Tax Service Inc.; PricewaterhouseCoopers International Limited; Crowe Global; Intuit Inc.; 415 Group; Knight Dowl CPA; CapActix Business Solutions Pvt. Ltd.; Entigrity Solutions LLC; Invensis Inc.; Ramsey Solutions; Liberty Tax Service; FreeTaxUSA; Robert Hall & Associates; Commerce Clearing House; Drake Software; GoSystem Tax RS; Thomson Reuters corporation; TaxAct Holdings Inc.; H&R Block Tax Software; 1040.com; TaxSlayer LLC; E-file.com LLC; On-Line Taxes Inc.; ezTaxReturn.com; PriorTax
Tax Preparation Services Market 2024 Key Insights:
• The tax preparation services market will grow to $40.6 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Small And Medium-Sized Enterprises (SMES) As Catalysts For Growth In The Tax Preparation Services Market
• Redefining Tax Preparation Services With Cutting-Edge Technology
• North America was the largest region in the tax preparation services market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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