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Jon Dunn reportingDoing your taxes is just a downright pain. But millions of Americans every year are just throwing money away by not doing taxes properly
We all hate the tax man, of course, unless you manage a refund every year. But, what if millions of us are actually getting less than we deserve?
Becky Schreyer, "I think there's a ton of that out there. Number one, I think that people have enough withheld, they don't see it as a cost when it comes out of their paycheck. And, that at the end of the day if they run it and they get a refund, they don't care. They don't care if they would've got a couple hundred dollars more."
CPA with Stayner, Bates and Jensen in Salt Lake Becky Schreyer says the worst part of all this... is the federal tax code is just so plain confusing.
Becky Schreyer, "You know, I can not honestly imagine anyone doing it completely on their own. Just getting the booklet, or whatever, and deciding, 'Oh, this qualifies.' They don't know"
So, the easiest way to answer the standard deduction versus itemization is, "Whaddya own?
Becky Schreyer, "For the most part, If you don't have mortgage interest, you probably don't have enough to itemize."
Schreyer says if you do want to deduct and you go into a CPA's office, make sure you have everything from the year.
Becky Schreyer, "Mortgage statements that list both your property taxes and your mortgage interest ususally on the same statement. All of your charitable contributions over $250 and receipts."
Debra Mardanlou, "You need to be able to identify and prove those records, that those expenses you take on your income tax return. So, by keeping good records, you have that information
Debra Mardanlou with the IRS says keeping good records is essential---Schreyer says there are a million deductions, but some will work for you and some won't. But, really, who knows?
Becky Schreyer, "The tax code is an absolute testament to the political process being an absolute mess. Because, in my opinion, this is ridiculous."
So, if you plan to work the deductions without professional help, good luck.
