The Top Tax Myths(And What Happens When You Believe Them)
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It’s getting to be that time of the year again. The time when Tax Day is fast approaching and you start hearing conflicting things from friends and family about what is—and what isn’t—okay when filing your taxes. There’s a lot of misinformation out there about various deductions, loopholes, and write-offs that can get you into hot water if you blindly follow someone else’s bad advice. So, in an effort to save you from pulling a Wesley Snipes and ending up on the IRS’ radar, we’re sharing some of the most common tax myths—and what you can do to protect yourself.
Myth Number One: Filing taxes is voluntary
Myth Number Two: You can claim pets as dependents
Myth Number Three: The IRS is legally obligated to file a return for you
Myth Number Four: Illegal activity is not taxable
Myth Number Five: Home office deductions = instant audit
Myth Number Six: Students don't have to pay taxes
Myth Number Seven: Money made over the Internet is tax free
Myth Number Eight: I don't make enough money to get audited
Myth Number Nine: My accountant is liable for any mistakes
Myth Number Ten: I don't have time to do my own taxes
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