NO SURPRISE TO ME

Another break from my tax season hiatus for some important information.

 

A recent post from Kay Bell, the yellow rose of taxes, at DON’T MESS WITH TAXES reveals something that is no surprise to me - “Most taxpayers get failing tax knowledge grades”.

 

In discussing a recent survey, Kay tells us -

 

“The Nerd Wallet survey, conducted online by Harris Poll, also found that many Americans lack a basic understanding of federal tax rules.

 

Actually, it was more blunt.

Failing tax grades: Most taxpayers get failing marks for their tax knowledge.

 

Out of eight questions about IRS rules for common deductions, retirement and education savings plans, only a quarter of the surveyed taxpayers correctly answered the questions.

 

Breaking down the failing grades, the NerdWallet poll found that nearly half of taxpayers (46 percent) don’t know into what tax bracket their income falls. Seven percent didn't even know what a tax bracket is.

 

Another 57 percent, or nearly three in five taxpayers, don’t know what a W-4 is.

 

And yes, the survey group was more than 1,800 adults across the United States who filed income taxes last year and plan to do so again this year. Obviously, they didn't learn from last year.”

 

The answer to a lack of tax knowledge is NOT tax preparation software or an online filing service!  As I say each and every year –

 

No software package, or online filing service, is a substitute for knowledge of the Tax Code, and no tax software package, or online filing service, is a substitute for a competent, experienced tax professional!

 

If you need to find a qualified tax professional you can begin your search at my website FIND A TAX PROFESSIONAL.

 

OK – back to the 1040s!

 

TTFN