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Study: Arizonans more confident in doing taxes than rest of US

A new study shows that while an overwhelming majority of Arizonans who file their own taxes believe they have taken advantage of every deduction, credit or savings possible, more than half of those admit they're not tax-smart when investing.

The study from BMO Harris Bank showed that 56 percent of Arizonans do not hire professionals to do their taxes, and 87 percent of those said they're confident with the job they did.

Yet BMO Harris Spokeswoman Carey Allen said a majority of those admitted they don't understand important tax-smart investment solutions designed to help reduce their liabilities.

"Only 57 percent really felt that they understood how capital gains are taxed and only 58 percent of the respondents really understand how dividend income is treated from a tax perspective," she said.

She said hiring a professional can help ensure that taxes are done correctly and efficiently.

The study also looked at where Arizonans plan to spend their tax returns.

"Nationally, 42 percent of the Americans surveyed are planning to use their refund to pay household bills or reduce their debt and that compares with 37 percent of the Arizonans surveyed," Allen said.

Arizonans also trailed the national average when it comes to using their refund toward savings and investments by about 4 percent. Conversely, Arizonans said they would use their returns to fund vacations or purchase leisure items at a higher margin than the rest of the country did.

About the Author

A southern California native, Mark Remillard began working in radio in 2010 while in community college as a host of late night and weekend programming for publicly supported 88.5 FM KSBR. While working through college, Mark also interned for the Bill Handel Radio Program at Los Angeles' KFI AM640, where he began his work in journalism. Mark moved to Arizona in August 2012 to finish his bachelor's degree at Arizona State University's Walter Cronkite School of Journalism and Mass Communication and graduated in August 2014. Mark began working as a reporter for KTAR in November 2012.


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