Millions of Americans are losing hundreds of dollars a every tax year by not taking a closer look at what they can deduct from their taxes. According to Money Central the average American taxpayer is giving Uncle Sam an estimated extra $438 a year when filing taxes. With today’s economy $438 is a lot of money going to taxes voluntarily. But because many American taxpayers are Do-It-Yourselfers when it comes to filing their taxes, many just simply use the standard deduction because they want to play it safe with the tax man.
But using the standard deduction for your taxes is not safe, it is risky businesses, especially if you end up owing Uncle Sam money. Millions of Americans are now facing tax debts that may have been eliminated if they had worked with a professional to maximize their tax deductions and minimize the amount of taxes they are required to pay. Also, remember that if you are facing overwhelming tax debt, that tax debt may be eligible to be repaid through a Chapter 13 bankruptcy. Talk to your bankruptcy attorney to find out how you can reorganize your tax debt.