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Your H&R Block Store Closed? Come See Us.

October 20, 2018

 

The race to the bottom in tax services led by Intuit's TurboTax software and its competitors has claimed perhaps an unexpected victim--H&R Block. The ubiquitous leading brick-and-mortar tax services chain has finally yielded to the pressure from TurboTax and its own software (H&R Block Tax Basic is offered for as little as $10.50) and announced it was closing 400 locations across the country.

 

H&R Block charges on average $200-$300 for a personal return and $400-$600 for a self employed return. The chain lowered its sales and profit margin outlook for the rest of 2018 and the company's stock dropped nearly 20% right after the announcement.

 

Ironically Intuit has been raising its prices on its TurboTax product. An average 2017 tax year personal return (very basic returns are still free) is $80-$100 and a self employed return was $120-$180. Tax year 2018 prices are expected to be even higher.

 

H&R Block CEO Jeff Jones said the decision to shutter the offices was part of a decision to consolidate locations in an effort to reduce fixed costs and that its workforce was actually not shrinking as displaced workers would be relocated--usually only five miles on average.

 

H&R Block has a loyal following but has had trouble penetrating the Millennial and Gen-Z demographic.

 

"Our client retention is very strong, but new client growth is not where we want it to be," admitted Jones.

 

We have a different idea. Come see us instead. For not much more than the cost of TurboTax software itself we offer full service CPA-supervised tax prep and filing. We feature 21st century amenities such as secure online document vaults, painless electronic filing, electronic signatures, certified support of the most popular cloud accounting software (Xero, Zoho, QuickBooks Online, to name a few), quarterly estimated tax support, all-year general tax advice, and much  more.

 

Email us at inquiry@njcpaccounting.com, or call us at 301-841-0209. You'll be glad you did.

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