WASHINGTON, March 19 (UPI) -- As U.S. taxpayers prepare to file 2004 returns, financial professionals have said they many overlook many tax deductions.
The General Accounting Office -- the investigative arm of Congress -- recently found that more than 2 million people failed to take common deductions such as mortgage interest and real estate taxes, overpaying the government an estimated $945 million dollars a year. Just a few forgotten tax breaks can mean hundreds, or even thousands, of dollars, for a forgetful taxpayer.
"Uncle Sam actually gives homeowners quite a few deductions, and we see that some homeowners don't take full advantage," said David Hall of Quicken Loans. "For example, the interest on mortgage, points when getting a mortgage and property taxes -- all three of these are tax deductible, yet homeowners tend to overlook them when they're filing their returns."