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The dangers of tax misconceptions

How common are tax misconceptions in the U.S.? Pretty common, the results of a recent GOBankingRates survey suggest.

The survey results point to many Americans not having the right information about key tax details. For example, of the people polled:

  • 30 percent weren’t able to correctly identify the tax filing deadline for this year (April 15)
  • 68 percent didn’t know that you can still accrue late payment penalties when you are on a filing extension
  • Only 14 percent were able to correctly identify the 2018 standard deduction for single filers ($12,000)

Why do you think having the wrong information about tax details is such a common thing here in the U.S.?

It is critical to remember that, when it comes to taxes, what you don’t know most certainly can hurt you. Having the wrong tax information could lead to mistakes when it comes to tax returns. In some cases, such mistakes could cause you to miss opportunities on tax savings. In others, errors could lead to serious trouble with the IRS.

So, this survey serves as a reminder of how important it is to brush up on tax information as the filing season gears up.

Not having the right information can also be costly when troubles with the Internal Revenue Service arise. It could lead to missing out on key opportunities to reach a positive resolution to the dispute. It also could potentially make an already difficult situation much worse. This underscores how important it is to have experienced legal guidance when disputes come up with the IRS.

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