A new income tax survey from ACI Worldwide, developed in partnership with YouGov, indicates that nearly 40% of taxpayers plan to use their tax refunds for debt relief, reflecting the impact of the inflationary economy. The survey also found that 44% of respondents chose to save their tax refunds, signaling increased financial caution. These trends highlight the financial pressures on American consumers.
The survey reveals a significant shift towards digital payment methods, with 65% of respondents preferring to pay digitally, while paper-based checks declined year-over-year to only 15%. Alternative payment methods like PayPal, GooglePay, and ApplePay are increasingly favored by Gen Z. Additionally, 80% of respondents prefer electronic deposits for their tax refunds, underscoring the demand for digital convenience.
Ron Shultz, General Manager of ACI Speedpay, noted that taxpayers are pivoting to digital payment channels for both paying taxes and receiving refunds quickly. ACI is one of two approved IRS service providers and has processed over $25 billion in IRS tax payments, offering solutions that empower Americans to meet tax obligations securely and efficiently, including popular alternative payment methods.
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