Tax Myths Debunked!

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irs Tax Myths Debunked!

Internal Revenue Service

First of all, let us say… WE ARE NOT TAX PROFESSIONALS, AND YOU SHOULDN’T DEPEND ON A RADIO STATION FOR TAX ADVICE!”  Now that we’ve got that out of the way, Here are some of those common tax myths debunked:

1. I don’t have to pay taxes:  Umm, yes you do.  Everyone has to file a return including students, some children and people who get paid only in cash.

2. My accountant is liable for mistakes:  Most people who hire a tax professional assume that they will be responsible for any mistakes in filing your return.  Even though they may have made a mistake, you, the tax-payer, are responsible.

3. I don’t have any business expenses: If you have a job, you may have business expenses that you can claim.  Ask yourself what things you’re paying for in order to maintain employment.  For instance, if you have a certain uniform for work, you may be able to deduct dry cleaning expenses.

4.  All of my home costs are tax deductible:  This is one of the most common myths and it is not true.  For instance, you cannot deduct home improvement or maintenance expenses.

5.  Only the rich get audited: Don’t think that just because you don’t make so much money the IRS will leave you alone.

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