Answer: Over 50%

With all the talk of tax reform in Washington these days, I wondered how the answer to this question might change in light of the dramatic changes expected to our existing tax code. 

From Taxpayer Advocate Service (of Internal Revenue Service): 

“More than half of individual taxpayers pay professionals to prepare their returns, and roughly 40 percent use tax software to assist them, with leading software packages typically costing $50 or more.”

Questions: 

1. Have you ever filed a tax return OR heard your parents talk about preparing it for themselves?  
2. Why do you think so many Americans require a tax professional to help them with their tax returns?
3. What happens if you make a mistake on your tax return?
4. Given the talk of tax reform in 2017, do you think more or less people will require the aid of a tax professional? 

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

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Looking to augment your existing tax lessons (we know who you are:)? Check out NGPF's Tax Resources to engage your students!

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NGPF has just started a new service: The Daily QuoD (that's Question of the Day in NGPF-speak!). Subscribe to our blog (right hand side of NGPF Blog homepage) and you will receive a new QuoD every weekday during the school ready to use in your classroom. Enjoy!

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.