Common Mistakes Tax Payers Make that Cost Them Millions

February 2004 (Newstream) --

ANCHOR LEAD: It's never too late to learn how to get a bigger tax refund. Ann Parks has more. (:58)

SCRIPT: Lifestyles, I'm Ann Parks. Every year taxpayers gather up their W-2 forms, and other important tax information and begin the annual ritual of preparing a tax return. Sadly, many people are missing important tax breaks and deductions that add up to larger refunds. Estimates from the General Accounting Office (GAO) show taxpayers are overpaying the government almost nine hundred and fifty million dollars annually. H & R Block tax analyst Kathy Burlison says the earlier you start working on your taxes the better.

CUT: (Burlison) Well if you keep track of your records throughout the year, just have one place where you put everything and maybe once a month or so make note of those things that might affect you're taxes and keep them in an envelope or a file folder. That's going to make tax time a whole lot easier. In a nutshell it's be organized, make sure that you've got a system and you stick with it.

SCRIPT: And Burlison says the most important tax filing tip so you don't lose any deductions is to take your time. I'm Ann Parks.

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Produced for H&R Block