SOURCE: Siempre Tax+

Siempre Tax+

April 06, 2015 12:24 ET

Siempre Tax+ Urges Latinos to Avoid Overpaying and Lower Liability by Itemizing Their Income Tax Returns

VIRGINIA BEACH, VA--(Marketwired - Apr 6, 2015) -  Liberty Tax, Inc. (NASDAQ: TAX) -- Millions of Latinos overpay their income tax each year because they make a quick and easy mistake: choosing the standard deduction. Itemized deductions take more time and effort, but they regularly return to taxpayers a larger return, explains Siempre Tax+, a national tax preparation provider focuses exclusively on the Hispanic community.

"Most of the errors on individual tax returns are errors of commission as opposed to omission," said Carlos Perez, COO of Siempre Tax+. "A little more time and energy devoted to the tax return can pay off for many taxpayers."

When taxpayers itemize and include their deductions, they lower their tax liability and increase their tax refund -- sometimes significantly. A federal government report estimates that almost 70 percent of all individual taxpayers took the standard deduction, and more than 2 million collectively overpaid the government by $945 million because they did not itemize although they were eligible for deductions. About 24 percent overpaid by $500 or more.

The report, published in 2002, shows that taxpayer patterns have not changed dramatically. In tax year 2012, nearly two-thirds of all individual taxpayers took the standard deduction.

"No one wants to overpay the IRS, and no one should," said Perez. "A qualified tax preparer, who can assist in the customer's preferred language -- English or Spanish -- can help ensure that taxpayers get back what they deserve."

About SiempreTax+

SiempreTax+ is a national tax preparation brand, focused on serving the unique needs of the Hispanic community. SiempreTax+ is an independent brand under the Liberty Tax umbrella. Liberty Tax, Inc. (NASDAQ: TAX) is the parent company of Liberty Tax Service, founded in 1997 by CEO John T. Hewitt. SiempreTax+ services were announced in 2014, offering a wide array of solutions for English- and Spanish-speaking customers, including driver's license assistance, notary services and immigration help. SiempreTax+ services are backed by tax professionals at locations nationwide. SiempreTax+ also is dedicated to empowering immigrants to achieve financial success in the United States and partners with service organizations to achieve its community mission. For more information, visit SiempreTax online.