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Piercing Some Common Tax Myths PDF Print E-mail
Elite Advisor Group's Advisor Marketing Blog
Written by Jack Martin   

Just when you think you've finally figured out your taxes, count on Congress to tweak the rules.

Keeping up with rapidly changing tax laws, phase-ins, phase-outs, regulations, revenue rulings and court decisions can be daunting even for veteran tax pros. Consider: The 2008 edition of CCH's comprehensive federal tax-law service contained more than 67,500 pages, up from 40,500 pages in 1995.

"A lot of the tax law is really quite hard -- and it can also be very counterintuitive," says Mel Schwarz, a partner and director of tax legislative affairs at Grant Thornton LLP in Washington.

Small wonder that many tax myths and misperceptions have sprung up, as indicated in a recent survey by Harris Interactive for CCH CompleteTax, an online tax-preparation and electronic filing service. Among the fallacies: State sales taxes can no longer be deducted, and home sellers can take a capital-loss write-off when they sell their home at a loss.

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