Nearly 10 per cent Of Americans Are Clueless About Their Tax Returns

Photo: Flickr / aturkus

Nearly 10 per cent of U.S. adults had no idea they could make deductions on their taxes, a CouponCabin.com survey found.Of those eligible for deductions, 37 per cent said they have either decided not to or still aren’t sure whether they would claim multiple deductions this year. 

That could mean many are missing out on potential refunds, but at least the survey shows nearly half are saving cash in how they file.  

Nearly half (45 per cent) of the 2,550 adults surveyed said they would prepare their own taxes by using online resources and computer software.

While e-filing may increase the chances of getting scammed, it can cost less than hiring a tax professional, which 38 per cent said they would do.

If you need to fill a basic form like the 1040EZ, file it yourself, says Neil Johnson, a CPA at The Dolins Group.

But if you’ve recently sold a home, have renters, or are self-employed, you might want to hire a pro.

You can also seek advice from people you know — 14 per cent of participants said they would ask family and friends for help.

“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 maximise your refund and to figure out if you can save on the preparation itself,” says Jackie Warrick, president of CouponCabin.com.

You have until April 17 to file.

Now see 9 easy ways to spot a tax preparer scam >

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