Nearly One-in-Ten U.S. Adults Aren't Aware That Deductions Can be Made on Their Tax Returns, Finds New CouponCabin.com Survey

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Feb 29, 2012, 07:00 ET

WHITING, Ind., Feb. 29, 2012 /PRNewswire/ -- It's that time of year again. Nope, not spring, but the time when W2s, 1099s and 1040s flood mailboxes and to-do lists. With tax season in full swing, a new CouponCabin.com survey reveals that some Americans may 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. This survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin from February 15th-17th, 2012 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)(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.

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.

"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."

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. Warrick offers the following tips for saving a little green before April 17:

All in the family: Fourteen percent of U.S. adults(1) 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.

http://www.couponcabin.com/blog/post/survey-1-in-10-arent-aware-of-tax-deduction-options

Survey Methodology:

This survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin from February 15th-17th, 2012 among 2,550 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore, no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact: Allison Nawoj, [email protected].

About CouponCabin.com

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(1) U.S. adults who will file income taxes this year.

SOURCE CouponCabin.com