H&R Block and Home Depot team up for tax season benefits

KANSAS CITY, Mo. - H&R Block’s Block Advisors and The Home Depot announced a partnership aimed at providing The Home Depot’s Pro Xtra members with discounted tax preparation and business services. This initiative, which began earlier this month, is designed to assist professional customers in managing their tax and bookkeeping responsibilities more efficiently.

Jamil Khan, Chief Small Business Officer at H&R Block, stated that the collaboration simplifies the complexities of running a business for Pro Xtra members by offering expert guidance on tax codes specific to their industry. The goal is to enable members to retain more of their earnings.

Block Advisors leverages H&R Block’s 70 years of tax expertise to help Pro Xtra members reduce their tax liability. They offer assistance with a variety of deductions and credits, including the 45L Tax Credit for energy-efficient construction, Section 179 deductions for equipment and property, professional materials deductions, and vehicle and mileage deductions.

Pro Xtra members have access to exclusive offers from Block Advisors, such as $50 off tax preparation with a Small Business Certified Tax Pro, $25 off DIY online tax preparation, $25 off business formation services, and a first month free plus 10% off bookkeeping and payroll services. These discounts are available online or at participating Block Advisors or H&R Block U.S. offices, with additional restrictions applying.

Members can learn more about the Block Advisors offer at The Home Depot Pro Desks or by visiting the Block Advisors website. This collaboration comes ahead of the April 15 tax filing deadline, providing timely support to business owners.

H&R Block (NYSE: HRB) continues to offer a blend of digital and human tax preparation services, financial products, and small-business solutions. The company also provides mobile banking through its app, Spruce, and supports small businesses with bookkeeping, payroll, advisory, and payment processing solutions through Block Advisors and Wave.

This partnership announcement is based on a press release statement from HRB Tax Group, Inc.

In other recent news, H&R Block reported a wider-than-expected loss for the second quarter of fiscal 2024, missing analysts’ estimates. The company posted an earnings per share loss of $1.73, compared to the anticipated loss of $1.59, with revenue totaling $179 million, below the forecasted $183.4 million. Despite these results, H&R Block reaffirmed its full-year financial outlook, maintaining confidence in its strategic initiatives. The firm expects full-year revenue to range between $3.69 billion and $3.75 billion, with adjusted EPS projected between $5.15 and $5.35.

Additionally, H&R Block announced a share repurchase of $190 million, covering 3.2 million shares, as part of its capital allocation strategy. The company highlighted new product innovations and operational updates, including enhancements in small business services and financial products. Notably, H&R Block’s mobile banking platform, Spruce, reported a 55% increase in total sign-ups compared to the previous year. The company continues to focus on expanding its digital tools and AI-powered tax assistance, which have shown favorable client conversion rates. Despite increased competition and potential regulatory changes, the company remains committed to its strategic imperatives.

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