Intuit Inc. (NASDAQ:INTU) shares are moving lower on Tuesday. The stock may be reacting to reports suggesting the "Department of Government Efficiency" could create a mobile app to aid Americans in filing their taxes. Here's what you need to know.
What To Know: According to a Washington Post report, which cited people familiar with the matter, department leaders have discussed creating a mobile app that would allow Americans to file their taxes directly.
Previously, President-elect Donald Trump named Elon Musk and Vivek Ramaswamy to lead the department being referred to as "DOGE." Although the department's main objectives are to reduce government spending and federal regulations, the mobile app could emerge as another focal point for the DOGE.
The report indicates that one challenge in creating this app could be managing the intricacies of the tax code, since simplifying it would require approval from Congress.
The DOGE posted on X over the weekend: "In 1955, there were less than 1.5 million words in the U.S. Tax Code. Today, there are more than 16 million words. Because of this complexity, Americans collectively spend 6.5 billion hours preparing and filing their taxes each year. This must be simplified."
How To Buy INTU Shares
By now you're likely curious about how to participate in the market for Intuit – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy 'fractional shares,' which allows you to own portions of stock without buying an entire share.
In the case of Intuit, which is trading at $641.99 as of publishing time, $100 would buy you 0.16 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to 'go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
INTU Price Action: At the time of writing, Intuit stock was down 5.45% at $641.84, according to data from Benzinga Pro.
Image: via Shutterstock
