Wednesday, January 14, 2009

Americans Failing Taxes 101


Americans may like to talk about taxes but according to an annual survey by The Tax Institute at H&R Block (NYSE: HRB), most can't answer even the most basic tax questions correctly.

"Given the current economic climate -- and the need for taxpayers to claim every tax credit and deduction they're due -- the survey results are alarming," said Amy McAnarney, executive director of The Tax Institute at H&R Block. "The bottom line: Americans are failing Taxes 101."

The Tax Institute survey assessed the knowledge and opinions of a nationally representative sample of more than 1,000 U.S. adults, and found the majority doesn't know a credit from a deduction and, even more surprising, they aren't completely sure how much they even pay in taxes.

"Americans will spend more this year on taxes than food, housing and clothing combined," said McAnarney. "While they may clip coupons or negotiate their mortgage, most don't pay attention to their largest bill -- their taxes. This could be especially troublesome for people who prepare their taxes themselves or don't check their tax professional's credentials."

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