What You Need to Know About The Pink Tax [Infographic]

International Women’s Day provides an opportunity to celebrate women’s achievements while calling for greater equality where we may see gender gaps. Inequality can show up in many different forms, but gaining knowledge about how it may affect you and those around you is how we can all work together to empower our collective prosperity. 

Finances are top of mind for mothers, women-owned businesses and families who may struggle to make ends meet. Mostly, we think about big expenses like a mortgage, tuition or medical expenses. However, there are also small expenses that impact our day-to-day budget and finances, even if we don’t necessarily realize it.

These small expenses add up, and when every dollar counts, the higher pricing on the products and services that women typically need to and do purchase make a difference in their expenses. The disparity in pricing on consumer goods and services when marketed to female consumers has started a movement around the “Pink Tax.” Though you may not know it, you and/or someone you know are most likely paying the “Pink Tax” in some way.

Check out this TurboTax infographic that explains just how this Pink Tax can affect women’s lives and finances.

Unlike the Pink Tax, taxes should be clear, fair, and easy to spot. Don’t worry about knowing tax laws — TurboTax will ask simple questions about you and give you the tax deductions and credits you are eligible for based on your answers. If you have questions, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent with an average of 15 years of experience to get your tax questions answered. TurboTax Live CPAs and Enrolled Agents are available in English and Spanish and can also review, sign and file your tax return.