Get ready for tax form confusion
TEXT OF STORY
MARK AUSTIN THOMAS: Recently Congress reinstated billions in tax breaks that were set to expire, but the move came too late to make it onto the 2006 tax forms. Charla Bear has more.
CHARLA BEAR: The missing tax breaks on this year’s hard copy tax forms, such as sales tax deductions and welfare to work credits, could mean thousands of dollars in lost returns for some taxpayers.
Tom Ochsenschlager, a VP at the American Institute of Certified Public Accountants, says most professionals will catch the omissions. The IRS will also post updated forms online.
But he says some people could still miss big deductions.
TOM OCHSENSCHLAGER: We do have very strong concern that lower-income individuals who are not comfortable with computers and may not be aware of these changes, may file a return and not report all the benefits that are available to them.
Ochsenschlager says the good news is that the IRS will be working hard to publicize the tax breaks.
I’m Charla Bear for Marketplace.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
