Market Research on Tax Filing

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Purpose of survey

As more and more Chinese international students who study and work in the United States need to go through the annual tax filing process, the market is growing with huge potential. This survey is conducted to understand tax filing behaviors and its marketing prospects regarding Chinese international students in United States.

Demographics and data analysis

This quantitative research is based on a survey of 55 clients.

In terms of Visa Category, up to 76.4% of interviewees hold the F type visa, which is linked to studies in the United States. Meanwhile, 9.1% of interviewees hold the H type visa, which is linked to employment in the United States.

In terms of Identity Category, 43.6% of the interviewees are currently working, while 38.2% of the interviewees are students at school. Among these students, up to 18.2% are postgraduates.

The Income Situation survey shows that most interviewees have the average annual income of US $30000 to $60000, which fits into the category of middle-class. Meanwhile, 34.5% of the clients only have the income of below US$30000. There are also a certain portion of high earnings above US $80000, which takes up 12.7%.

For Tax Requirement, 81.8% of the interviewees need to pay tax, while the other 18.2% doesn’t. The majority of our clients have the duty of tax and they are required to perform such duties. Meanwhile, 67.3% of interviewees state that they are aware of the benefits of tax filing. However, there are still quite a lot of clients who don’t know much about tax filing. 14.5% have heard of tax filing, but they are not even sure about the source.

Marketing aspects

The survey also asks about what they care most about when filing taxes. Up to 61.8% agrees that whether they can get the highest tax refund is the most urgent issue. Over half of the interviewees say that they want the process to be most convenient and fast. The third popular issue is about the tax filing service fees – whether it is low enough for them. Users also care about their data privacy and the procedure of accounting and communication. Only 1.8% of the interviewees don’t file taxes, which is the minority of this survey.

We asked the interviewees about the difficulties they have encountered. More than half admitted that they are worried about over or under reporting of taxes. This is because the accuracy matters to their tax filing and it can result in administrative results. 45.5% of the clients don’t know how to fill tax forms because of their complicated design. Another 43.6% want to receive their tax refund as much as possible, but they are not aware of how. Some says that the process could take up to several months without proper notifications. Obviously, 10.9% don’t even have any previous tax filing experience yet.

When it comes to methods of tax filing, more than 32% of clients seek to online tax filing websites. Another 18.2% use their school’s tax filing system. There are still 18.2% who fill their forms by themselves. Surprisingly, a good 12.7% seeks online assistance with accountant consultation. Only 1.8% clients have company accountants to help them file tax.

We also asked our interviewees what is their favorite tax app. It is shocking to see that up to 32.7% of interviewees have never used any tax filing website or app. For those who have done so, the most popular app is sprintax (27.3%), following by Turbotax (18.2%) , Taxact (5.5%), h&r block (3.6%) and others.

Suggestions

In order to find out more about the market of tax filing apps and websites, we did a further interview with the targeted clients. Interviewees are asked about their suggestions for tax filing tools, current deficiencies, and their opinions for on-site accountant consultations.

Almost one third of the clients want to save money on their tax filing apps or websites, hence asking for lower pricing. A similar portion of interviewees require process tailored to international students. Since most of our clients are Chinese, they are also demanding the Chinese-friendly UI for the apps and websites.

The most common complaint about tax apps or websites is data leakage. The second and third inconveniences are the lack of relevant instructions for international students and the unknown of criteria of tax return.

As of the on-site accountant consultations, many have never engaged in such services. For those who have, they suggest that the services should be professional and reliable with on-the-clock communications. 

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