February 2004 (Newstream) -- W-2 forms, 10-99's and envelopes marked "Important Tax Information Enclosed" are already showing up in mailboxes all over the country. But even if you file early, reports show that most Americans are missing out on hefty tax breaks and deductions. In fact, the GAO Report estimated taxpayers overpay about $950 million each year -- roughly $400 per person.

Before filing, it's vital to learn how to benefit from the new tax rules and regulations. Oftentimes, people overlook big credits and deductions simply because they aren't aware of them. For example, most Americans don't know how the 2003 Tax Cut Bill applies to them or how to properly prepare for tax season. In addition, there are many incentives available to help low-income families at tax time. But staying informed and seeking professional tax assistance are the best ways to ensure you claim all the deductions and credits you deserve.

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