We all know how stressful tax season can be. Fortunately, there’s a silver lining—tax refunds. If you are a business owner, that means there’s more money going into your potential customers’ pockets that could be channeled to your business.
According to a Bankrate.com survey from mid-February, over a third (34%) of U.S. adults who are expecting a tax refund this year plan to save or invest it and 29% plan to spend it on necessities like food and bills. This reflects the highest point these categories have reached in the four times that Bankrate conducted the survey. Millennials were shown to be the most likely to use their refunds to save and invest.
Bankrate also found that 27% plan to pay down debt, and only 6% plan to splurge on things like vacations and shopping sprees. Nearly half (47%) of all taxpayers said they expect to receive a refund this year, according to the survey. The IRS is more optimistic, estimating that more than 70% of taxpayers will receive some type of refund this year, as reported by Fox Business. Last year, the average refund was $2,860.
Practical Saving & Spending
As we can see from the survey data, taxpayers are being a bit more practical with their refunds this year and applying those dollars to both their short-term and long-term needs. What are those needs, you ask? It depends on the individual taxpayer.
For one person, it might mean being able to pay a plumber for unclogging a drain. For others, it might mean having a better rainy day fund stashed aside for emergencies—including household emergencies like a broken water main, a leaking roof, or a blown-out AC in the middle of summer.
According to a different Bankrate study, home or appliance repair is among the most common causes of unexpected expenses for Americans. So whether you’re a plumber, HVAC specialist, roofer, electrician, or another type of home service professional, you could very well be on the taxpayer’s mind when it comes to refund spending time!
Is Your Business Getting Noticed at the Right Time?
This leads us to an important question: Is your home service business jumping on this opportunity with the right Internet marketing strategy? In other words, when a potential customer looks for services like yours online, are they immediately finding your business—and are they impressed by what they see? If not, potential customers could be taking their tax refund money elsewhere.
Prepare to capture more business with a powerful online presence! Our Internet marketing experts at Scorpion can help you partner a professional website with compelling ads and digital content so you can attract more new customers. The key is to get in front of the right audience where and when they are looking online.
To learn more about how to market your business, check out this free e-book!