Find the latest episode of "The Uncertain Hour" here. Listen

Get ready for tax form confusion

Marketplace Staff Dec 19, 2006
HTML EMBED:
COPY

Get ready for tax form confusion

Marketplace Staff Dec 19, 2006
HTML EMBED:
COPY

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.

Marketplace is on a mission.

We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.

Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?

Your donation is critical to the future of public service journalism. Support our work today – for as little as $5 – and help us keep making people smarter.