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.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.