Overview and Scope
Tax preparation services refer to the process of preparing tax returns by an individual or an organization. Income tax, customs duty, excise duty, and other taxes may be imposed on a business. It is also a time-consuming and complex process. It necessitates a thorough examination of an organization’s financial activities over a specific time period, as well as the compilation of all bills and relevant documents for tax purposes.
Sizing and Forecast
The tax preparation services market size has grown steadily in recent years. It will grow from $31.12 billion in 2023 to $32.62 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to traditional tax filing practices, complex tax regulations, changes in tax laws, small business growth, consumer awareness and education..
The tax preparation services market size is expected to see strong growth in the next few years. It will grow to $40.6 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to advancements in tax software, remote work and virtual services, regulatory emphasis on digital reporting, economic changes and stimulus programs, personalized tax planning services.. Major trends in the forecast period include focus on customer education, expansion of diy tax software, data analytics for insights, mobile tax filing services, environmental, social, and governance (esg) considerations..
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Segmentation & Regional Insights
The tax preparation services market covered in this report is segmented –
1) By Service: Tax Compilation Services, Tax Return Preparation Services, Other Services
2) By Deployment Mode: Cloud, On-Premises
3) By Application: Enterprise, Family, Personal, Other Applications
North America was the largest region in the tax preparation services market in 2023. North America is expected to be the fastest-growing region in the tax preparation services market report during the forecast period. The regions covered in the tax preparation services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing small and medium-sized enterprises are expected to propel the growth of the tax preparation services market going forward. Small and medium-sized businesses are privately owned businesses with capital, workforce, and assets that fall below a certain level set by national guidelines. Small and medium-sized businesses are frequently used to pay the goods and services tax. Governments recognize the importance of small and medium-sized enterprises (SMEs) in the economy and regularly offer incentives, such as favorable tax treatment and easier access to loans, to help them stay in business, which boosts the growth of the tax preparation services market. For instance, in May 2022, according to a report shared by the US Small Business Administration., a US-based government agency, there will be 31.7 million small businesses and 20,139 large businesses in the US. In the US, small businesses added 10.5 million net new jobs over the past two decades, while large businesses added 5.6 million jobs. And these numbers are expected to increase in the future. Therefore, an increasing small and medium-sized enterprises is driving the growth of the tax preparation services market.
Key Industry Players
Major companies operating in the tax preparation services market are focusing on innovative products, such as AI-powered tax question-answering service, to drive revenues in their market. An AI-powered tax question-answering service utilizes artificial intelligence algorithms to provide accurate and timely answers to user inquiries related to tax-related issues. For instance, in March 2023, Taxaroo, a US-based tax technology company, launched ZeroTax.ai. ZeroTax.ai is an AI-powered tax question-answering service that is made to provide answers to a variety of tax-related queries, such as those concerning credits, deductions, filing taxes, and much more. It is also known as TaxGPT, this service provides free tax advice that can be optionally examined by a tax expert. It is intended to offer accurate and trustworthy responses to a variety of tax-related queries, including those about tax credits, deductions, liabilities, refunds, and tax planning techniques. The solution adds value to CPA firms and tax businesses by integrating with Taxaroo’s accounting practice management software. ZeroTax.ai provides a feature that allows customers to request a referral to a reliable tax expert within their network for assistance with tax preparation.
The tax preparation services market report table of contents includes:
1. Executive Summary
- Tax Preparation Services Market Characteristics
- Tax Preparation Services Market Trends And Strategies
- Tax Preparation Services Market – Macro Economic Scenario
- Global Tax Preparation Services Market Size and Growth
.
- Global Tax Preparation Services Market Competitive Benchmarking
- Global Tax Preparation Services Market Competitive Dashboard
- Key Mergers And Acquisitions In The Tax Preparation Services Market
- Tax Preparation Services Market Future Outlook and Potential Analysis
- Appendix
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