61% of Homeowners Overpay the IRS!

February 24, 2011 61% of Homeowners Overpay the IRS!

The Tip Homeowners should always plan for tax season and seek expert advice. Failure to do so can cost you thousands of dollars. We recently came across a tax statistic that blew us away. In 2002 (the only year the study was conducted), 61% of homeowners did not claim their homeowner's tax deductions on their income taxes. Let's make that really clear. It doesn't mean that 61% of homeowners didn't pay enough in mortgage interest and property taxes to take the deductions. It means that 61% of homeowners who were eligible to take the deductions and would have saved on their income taxes took the standard deduction (and paid a higher tax bill) instead. That's right! Those folks said "No thanks" when Uncle Sam tried to give them back some of their own money—on a silver platter! Read more to learn how A Few Minutes Could Save Hundreds