Sixty-four percent of Missourians prepare their tax returns themselves, a rate well above the 48 percent national average, according to a new survey by BMO Harris Financial Advisors. Missourians also remain highly confident in their ability to prepare their tax returns, with 95 percent saying their returns will take advantage of all the tax deductions, tax credits or other tax savings available to them. That’s also much higher than the 83 percent national average.
The study also took a look at how Missourians intend to spend their tax refunds, with 39 percent planning to use the money to cover household bills or reduce their debt load, which is lower than the 42 percent national average. As for the rest, 37 percent plan to save or invest the money, 19 percent have it earmarked for home renovations, and 12 percent plan to use it for a vacation or leisure item.