Simpler tax preparation is not necessarily great news for H&R Block and its network of professionals. H&R Block CEO Jeffrey Jones said in March that the company expects that more Americans will now be able to take the standard deduction. Tax reform hasn’t helped H&R Block, either. “It’s going to be hard for H&R Block to catch Intuit and TurboTax.” “The DIY tax business has been growing much faster than assisted tax preparation,” said Michael Millman, an analyst who follows both Intuit and H&R Block for Millman Research Associates. (The company also owns QuickBooks, a line of small business software, as well as Mint, the personal finance app.) ![]() ![]() ![]() Intuit, on the other hand, generates about 30% of its overall revenue from DIY consumer software like TurboTax. Assisted tax preparation for US customers generated more than 40% of the company’s sales. But that business pulls in a tiny fraction of sales.ĭIY tax preparation in the United States accounted for less than 5% of H&R Block’s total revenue in the first nine months of this fiscal year. The rise in popularity of tax software like TurboTax has clearly hurt H&R Block and its network of more than 10,000 tax preparation professionals.
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