The piece explains how low tax literacy in the US leaves many people vulnerable to extra costs, mistakes, and even legal trouble, especially small business owners and self‑employed taxpayers.
Key takeaways:
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A national poll finds that more than half of Americans lack basic tax literacy and only about 2 percent are “proficient,” even though taxes affect planning, work decisions, and voting.
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Caroline Bruckner warns that not understanding progressive income tax and deduction rules can have “very real consequences,” from paying for preparers when you might not need to, to getting in trouble for overly aggressive business deductions.
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Improving tax literacy will require more investment in education at all levels of government, and taxpayers can turn to IRS resources like the Volunteer Income Tax Assistance (VITA) program, which offers free help to eligible filers nationwide.
“Too many Americans don't know, number one, what's due when, and number two, how tax is calculated and both the politics and policy behind that,” said Caroline Bruckner.
Read the article.
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