4 ms·
No rule changes needed. Apple is at the point where they are really pushing up against the limits of consumer spending. Spending $140 on TurboTax is a prime tar
by enos_feedler 6y ago
No rule changes needed. Apple is at the point where they are really pushing up against the limits of consumer spending. Spending $140 on TurboTax is a prime target. Thats $140 where a fraction can get funneled back to Apple purchases. It is now worth it for them to make sure iPhone users never reach a TurboTax checkout flow.
Apple is just getting started with finances built right into the iPhone. The credit card is already rolled out, and now comes a built-in bank account that can accept your payroll. This is just too valuable for Apple to pass up. The next step is push-button tax filing. Classic innovator dilemma where you start with basic returns. Think Uber driver.
- paulpan 6y agoInteresting take. If it really comes to pass, will Apple be preferable to Intuit? Or for that matter, would Google or Robinhood enter the industry?
- enos_feedler 6y agoI use TurboTax and I can't wait to get off it. They nag you to upgrade. The web app UX is really bad. I would certainly use whatever solution Apple provided if it was easy and supported my use case. I have complex tax situations. With Apple it's like anything else, if you are fully bought into the ecosystem it's going to be the best. I think there is a reason Apple Card isn't compatible with Intuit Mint right now. From a privacy and business model standpoint, Apple thinks they can do better. What I think we'll see soon is a budgeting tool similar to Mint built into the iPhone, with the Apple Card supported and a way to link 3rd party credit cards, with a pro-privacy data sharing model. Apple spins up a bank account for you via Goldman Sachs new platform. Apple encourages/incentivizes payroll deposits. Tax filing gets added to this product.