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.
Click here to read the whole article