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There are about ~160 million people who need to file taxes each year. TurboTax for each year costs something like $40-150 depending on how complex a version you
by jcranmer 3y ago
There are about ~160 million people who need to file taxes each year. TurboTax for each year costs something like $40-150 depending on how complex a version you need. If it costs billions of dollars to role out a free system that's as good as TurboTax, that'll still pay for the cost of TurboTax or similar software within a few years at the longest.
- bradleyjg 3y agoMuch better options than TurboTax already exist. I don’t know that a new one, even written by the government, will make a huge dent.
- adventured 3y agoJust for reference sake in this thread, TurboTax has around 40 million users each tax year. Around half of taxpayers use tools to file on their own. So they have around 1/4 of personal filings, and half the do-it-yourself market. Most of Intuit's business is sheltered from the hit it will take when the IRS completes this system. They'll probably lose a couple billion in sales off the top (out of $13.6 billion the past four quarters). You could probably take away 3/4 of their entire individual tax prep business and their overall business would still be larger than it was in 2020. I'll be interested to see if it pops the bubbly valuation the stock is carrying (~60 times earnings).