Americans Failing Taxes 101

The H&R Block Tax Institute released a survey of over 1,000 adults showing that most Americans cannot answer basic tax questions.  Among the findings:

• 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

• H&R Block press release
• CNN
• WebCPA