Many Americans Overlook Tax Deductions when filing Tax Returns says Survey

As millions of Americans rush to file their federal and state income taxes, in high hopes of a speedy tax refund, it is important not to overlook tax deductions which could lead to a much larger tax refund.

According to the results of a recent survey, many Americans overlook a number of tax deductions when filing their 1040 and 1040EZ tax returns with the IRS. The result can be hundreds or thousands in lost tax refund money. According to CouponCabin.com, who called for the survey, “Nearly one-in-ten (8 percent) of U.S. adults said they aren’t aware that deductions can be made on their tax returns.” Not making any deductions could mean the difference between getting a tax refund check and having to pay additional income taxes.

The survey also found that of those eligible for deductions, another 37 said they were not sure if they will claim multiple deductions on their income tax return this year. The results are from an online survey conducted by Harris Interactive from February 15th-17th, 2012. During the survey 2,550 U.S. adults ages 18 and older were polled.

With so many companies offering free tax filing services both online and in person, there is simply no reason for missing out on a full and fair tax refund. Even the IRS is offering a free online tax filing service called free-file at their web site IRS.gov.

The online tax filing services walk individuals through the tax filing process step-by-step by asking very simple questions to help determine the best way to file and ensure the maximum tax refund.

According to the tax survey analysis, “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) (1) 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.”

“Tax season can be a stressful time of year, but it’s important to focus on having your return completed correctly and in a timely manner,” said Jackie Warrick, President and Chief Savings Officer at CouponCabin.com. “Regardless of your plans for filing your return this year, make sure to do the legwork to learn what you may be owed, how you can maximize your refund and to figure out if you can save on the preparation itself.”


“Use a coupon,” say the experts. 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.