Thursday, January 15, 2009

Americans Failing Taxes 101

Via TaxProf Blog, some stats about Americans Failing Taxes 101:

* 84% do not know they can file an amended return to correct errors in a prior year's return
* 78% do not know what tax bracket they are in
* 76% do not list "knowledge of current tax laws" as important in picking a tax professional
* 70% do not know of recent tax legislative changes that may affect their returns
* 60% do not know the difference between a tax credit and a tax deduction

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