Cashing In On Tax Time

America’s Payday

It’s not actually a pay “day”, it’s more like a pay “period”, January 27th through April 15th and beyond.  January 27th is the first day that Americans can file their tax returns, and of course, you know what day April 15th is.

In 2019, 95.7 million Americans received a tax refund and the “average” refund was $2725.00.  2020 is expected to be very much the same.

The graph below shows when people typically file their returns. As you can see, a large percentage procrastinate and file during the last week. I used to think that the folks who filed early were the ones getting refunds and those who waited were the ones that owed Uncle Sam. But that was too logical and in reality, we just follow our natural tendencies, unless there’s a reason to act sooner.  That’s the subject this week.

So, what do Americans do with all this money, and more importantly, are you prepared to capture your fair share of it?  The graph below clearly shows that regardless of what type of business you own, you stand a decent chance of being on the receiving end of some of this refund bonanza.

How the taxes are filed (e-file, paper, other) will determine how quickly the refund is issued, but in most cases, it’s between six days on the early side and up to six weeks on the long end.

Knowing this, we now know why so many companies are running tax refund events and promotions.  Americans have a fist full of money and many of them want to spend it.

To increase your chances of getting your fair share, there are some key elements to consider when preparing and planning a successful tax refund sales event.  Tip #1 is to have a theme that ties in the tax refund element.  As corny as it may sound, telling and specifically asking for part or all of their refund is the best way to increase your chances of getting it!

If you would like to see all 14 Tips to a More Successful Tax Refund Sales Event, click here. 

This weeks article was part of my weekly Sound ADvice email that you subscribers received a couple weeks ago.  Fill out the form below and I’ll add you to the Sound ADvice mailing list for our next Wednesday morning delivery.

And if you want more help on creating a timely promotion for your business, contact me.

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