A majority of respondents to a recent BMO Harris Financial Advisors survey say they are confident they will receive all of the tax deductions they are entitled to, according to the national tax study released Friday.

Eighty-three percent of the 1,000 people surveyed say they expect their completed returns will take advantage of all deductions, tax credits and other tax savings.

Forty-eight percent say they do their own taxes, the survey says.

Forty-five percent say they are not knowledgeable about tax smart investment solutions that are designed to reduce their overall tax liability, including protecting their investments and transitioning them in a tax-efficient manner to the next generation.

Only 44 percent understand how capital gains are taxed and 47 percent understand how dividend income is treated from a tax perspective. 

“It is critical that people have an appreciation of and basic knowledge about how tax rules impact all their assets, including their investments,” says Mike Miroballi, president of BMO Harris Financial Advisors.

The study also examined what people plan to do with their tax refunds and found that the largest share, 42 percent, will cover household bills or reduce their credit card debt. Thirty-five percent will save or invest. The remainder will pay for vacations or purchase leisure items, do home renovations, donate to charity or pay down their mortgages, the survey shows.