Tax Tip: How We File Our Taxes Is Changing
(NEW YORK) -- Tax preparation used to mean gathering all your receipts, documentation, tax forms and calculator -- and then diving into the numbers. But that's all changed in the past few years. "Most people don't do their returns themselves anymore. Sixty percent of us pay someone to have them do it. Another 30-35 percent of us use tax software. Very few do it on paper and pencil anymore," says tax expert Kevin McCormally with Kiplinger's.
He tells ABC News Radio it's still important not to throw away anything that says "Important Tax Information" on the envelope. And, he says, it's never too soon to begin.
"Get started early so you don't make a mistake -- you don't want to rush. You don't want to miss a piece of paper, you don't want to miss a deduction. We know people miss millions and millions of dollars worth of deductions every year. They overpay their taxes. You don't want to be one of those victims," McCormally advises.
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