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Michael Gillis
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Survey: Nearly One-in-Ten Adults Overlook Tax Deductions

March 1, 2012 6:44 am

With tax season in full swing, a new CouponCabin.com survey reveals that many Americans miss money-saving opportunities when filing their taxes. Nearly one-in-ten (8 percent) U.S. adults said they aren't aware that deductions can be made on their tax returns. In addition, of those eligible for deductions, almost two-in-five (37 percent) report they will not or are not sure if they will claim multiple deductions on their income tax return this year.

The survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin among 2,550 U.S. adults ages 18 and older.

Missing deduction opportunities could be a result of the large number of U.S. adults who plan to prepare their income taxes without the help of a certified professional. Nearly half (45 percent) said they will prepare their taxes this year by themselves, using online resources, computer software or good old-fashioned pen and paper. More than one-third (38 percent) said they plan to use an accountant or tax professional to file their taxes.

While some aren't aware of deduction options on their tax returns, others aren't paying close attention to the calendar. One-in-ten (10 percent) of those who have ever filed income taxes said they have missed the deadline to file income taxes in the past, a mistake that can result in penalties from the IRS.

Paying attention to tax parameters is essential for an accurate and timely refund, but there are other ways to ensure you're saving as much money as possible. CouponCabin offers the following tips for saving money on this year’s taxes:
  • All in the family: Fourteen percent of U.S. adults said they plan to ask a friend or family member to help prepare their taxes this year. Consider asking those who are close to you if they can lend a helping hand. It may make the process easier and can help you save extra dough.
  • Use a coupon: Many professional and online tax preparation services offer coupons to help filers save money. Head online to check out the tax preparation offers from services like H&R Block and Turbo Tax on CouponCabin.com.
  • Seek out free resources: Organizations like VITA (Volunteer Income Tax Assistance) and AARP, among many others, offer complimentary volunteer resources depending on various criteria. Before you file your return, check to see if you qualify for free assistance.

Published with permission from RISMedia.

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