Paul L. Caron

Wednesday, January 14, 2009

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

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Prof. Caron: When you consider that 45% of workers pay no income taxes and the vast majority of all taxpayers have their taxes deducted from their paycheck, without ever seeing the money, this is not a big surprise.

Posted by: ken rentiers | Jan 16, 2009 11:56:07 AM