Ronald Arthur Stearns Sr. PLLC
Ronald Arthur Stearns, Attorney at Law BBB Business Review
AUSTIN: 512-257-0570
SAN ANTONIO: 210-293-0033

Call Now to Speak with Attorney Stearns

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.

No Comments

Leave a comment
Comment Information
  • Visa Card
  • Master Card
  • American Express Card
  • Discover Card

Privacy Policy:

This website collects no personal information. If you have concerns about our policy, please contact the site administrator at 512-257-0570 or [email protected]

Downtown Austin Office
700 Lavaca St
Suite 1400
Austin, TX 78701

Phone: 512-257-0570
Austin Law Office Map

North Austin Office
13809 Research Blvd
Suite 150
Austin, TX 78750

Phone: 512-257-0570
Austin Law Office Map

North San Antonio Location
18756 Stone Oak Parkway
Suite 200
San Antonio, TX 78258

Phone: 512-257-0570
Phone: 210-293-0033
Map & Directions

Central Lago Vista Location
7400 Lohman's Ford
Suite C
Lago Vista, TX 78645

Phone: 512-257-0570
Map & Directions

Newport Beach Office
620 Newport Central Dr
Suite 1100
Newport Beach, CA 92660

Phone: 949-734-7328
Map & Directions

Long Beach Office
444 West Ocean Blvd.
Suite 800
Long Beach, CA 90802

Phone: 562-285-7909
Map & Directions