Holding on to false beliefs can mean paying more, and doing more work at tax time

Riverwoods, IL (Vocus) February 21, 2008 -- Each year as tax season approaches, tax myths prevail on the American psyche, leaving some taxpayers dreaming of big savings they'll never get, fearful of problems that don't exist or open to penalties and fines if they complete their returns based on inaccurate information. This year, CCH CompleteTax® undertook a nationwide survey to see just how deep some of these myths run, and the findings indicate many tax myths are well ingrained.


"When you are dealing with something as complicated as income tax law, it's not uncommon for misconceptions to arise. People are rightfully confused, they're trying to simplify matters and it ends up leading to all types of potential errors. That's why it's a good idea to rely on tax software or a professional tax preparer to make sure your income tax return is done correctly," said David Bergstein, CPA, a tax analyst for CCH CompleteTax. CCH CompleteTax (www.CompleteTax.com) is an online tax preparation and e-filing solution for the do-it-yourself taxpayer.

The CCH CompleteTax survey, conducted by Harris Interactive®, asked more than 2,000 adults to answer questions related to six common tax myths, and CCH then set out to debunk the myths:
* Myth #1: A home seller can take a capital loss write off for a home that sells at a loss.
Only 8 percent of respondents to the CCH CompleteTax survey answered correctly that a homeowner cannot write off a loss if they sell their home for less than they'd paid for it. Three in 10 respondents believed incorrectly that a write off could be taken for a loss and most - 62 percent - don't know which answer to believe.

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