More Taxpayer Misconceptions
Apparently, there’s no end to the ridiculous things taxpayers believe
More Taxpayer Misconceptions
Earlier this year we posted a slideshow of common taxpayer misconceptions -- and readers started sending in their own examples, including many culled from the heat of tax season. A selection follows.
There’s a maximum age for the income tax.
"How old do I have to be before I can stop paying taxes?" is apparently a frequent question from clients, but no matter how old you get, you are always eligible for the income tax.
If there’s no document, there’s no income.
Income is income, regardless of whether the taxpayer or the IRS received an information reporting form about it.
I need to look presentable for clients, so …
Except with certain work-related uniforms and very specific occupations, needing to look good doesn’t mean you get to deduct gym or spa memberships, health foods, or nice clothes.
E-filing is a trick to rob me.
Apparently, there’s at least one client out there who insists on paper filing because they believe that if they e-file, the IRS will have access to their bank account and will steal their money.
Private school tuition is deductible.
I’ll deduct the maximum mileage.
There is no maximum or minimum mileage – just how far you drove.
I had clients at my wedding, so I can deduct it!
While there are rumors that a wedding planner was able to deduct some expenses because she really was able to use her wedding for professional purposes, having clients attend a non-professional event, -- whether it’s your wedding, your birthday or your child’s birthday – does not make it deductible.
Tax extenders, temporary tax provisions that are reinstated by Congress on a regular basis, have been a recurring part of the tax arena for years. Most of the current group up for debate have expired at the end of 2013, and their eventual extension will be retroactive, but not all will be extended. Here are the best bets.
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