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TaxAct Tax Season Ends Strong

The last two weeks of the tax season were stronger than expected, Blucora said this week. The company, which owns the TaxAct line, raised its forecast for the second quarter ending June 30 and for 2021.

Blucora had previously said tax software revenue would range from $82.5 million  to $87.5 million for the current quarter. It has increased that to $91.5 million to $93 million. The May 5 forecast for 2021 was $212.5 million to $218 million with the new forecast increased to $223.5 million to $226.5 million. With the tax deadline extended to May 17, revenue that normally was reported in the second quarter was pushed into the third quarter. Blucora did not state how much revenue was expected to be shifted. The company did not extend the forecast for its Avantax Wealth Management business from the original $631.5 million to $649.5 million. It made a slight adjustment to the third quarter estimate, originally $155.5 million to $161.5 million, raising the bottom of the range to $158.5 million

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