Americans Are Losing $1 Billion A Year By Not Itemizing Their Taxes
By Jay Fleischman, New York Bankruptcy Attorney on Feb 28, 2007 in Personal Finance
Over at Free Money Finance, a personal finance blog I read regularly, a post that made me look twice - Americans are literally giving away nearly $1 billion every single year because they’re not itemizing their taxes. The article originated from a bit of news from Money Central on the subject. The Money Central article says
If you took the standard deduction on your 2006 tax return, you may want to take another look. You might have cheated yourself out of some tax savings. In fact, you may even want to look at your 2005 and 2004 returns as well.In the past, the General Accounting Office has found that filers who used the standard deduction instead of itemizing paid the Internal Revenue Service almost $1 billion more than they should have.
In fact, the average American taxpayer is giving up $438 per year to Uncle Sam. And the bulk of that money is concentrated in lower-income and middle-income people. Folks just like you and me, losing $438 down the drain.
So do yourself a favor. Hire a CPA to do your taxes. At the very least, buy a software program to do the work for you. But by all means, don’t let that $438 slip through your fingers again this year.
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