What do Warren Buffett and a lot of taxpaying straphangers have in common?
They both think they pay too little in taxes.
Or at least that seems to be the attitude of many taxpayers, according to several area tax professionals.
Many people, they say, overlook deductions or are afraid to take all their legitimate ones, exaggerating the potential for problems with the IRS.
“First of all, people need to relax and calmly review the deductions that are available,” says Lewis J. Altfest, a certified public accountant and adviser in Manhattan.
A good place to begin, Altfest says, is to review previous returns. “Often a client will take a deduction one year and then forget to take it in succeeding years,” he adds.
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