Three in Five Americans Think the Tax System Benefits the Rich

According to a press release issued today by Bank Rate Incorporated, a national poll conducted finds that 60% of the United States population believes that the current tax system in place is skewed to benefit the rich. With this, an additional 30% of people admit that they are clueless on how to go about tax planning and preparation. These results, along with tips on how to reduce tax bills, and common tax- filing mistakes, were released in the December segment of Bank Rate's Financial Literacy Program.

"Tax season brings on a great deal of anxiety and confusion for many Americans," said, Thomas R. Evans, President and CEO of Bankrate.com ."

Among with those statistics, other interesting facts were released. More than two-thirds of Americans would actually prefer to control their tax returns rather than the government if they had the option. It is approximately 65% of Americans surveyed that feel this way. Additionally, while 65% of people feel that they should control their tax returns, about 38% of people are actually looking forward to receiving a big tax refund this year due to allowing the government to take more money out of their weekly checks than necessary. An estimated 30% of people are even clueless when it comes to doing their taxes. They let someone do their taxes for them and simply give the "ok" with how much they are getting back.

When filing taxes on your own, one must watch out for some key errors though. These can result in one receiving a delay in when they receive there money, or can also result in having to pay the government more money than they are entitled to pay.

I have provided you with some key tips in order to successfully file your taxes this upcoming January. First often, always double check your math. Make sure your Social Security number is correct, a simple error like this can cause a big confusion and delay. If you decide to fill out your own return by hand, you should use the preprinted labels that the IRS sends out. Be aware of the three different types of 1040 forms available and use this to determine which one is best in your situation. Do not omit forms, such as the W-2 form and also make sure you report all interest or dividend income that you may have earned in your financial accounts. Be careful that the correct tax table is used . Make your payments payable to the United States Treasury and not the IRS!! Make sure your tax return is signed, failure to do so will result in a delay and it will be sent back to you to sign it.

Most importantly, file before the deadline!! Be aware the late file penalty is 4.5%. This percent is on the tax you owe for each month, or fraction of a month, that you are late.

Hope this helps!!

SOURCE

PRnewswire