More Taxpayer Misconceptions

Apparently, there’s no end to the ridiculous things taxpayers believe

More Taxpayer Misconceptions 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. 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. 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 … 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. 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. Private school tuition is deductible.

Nope.

I’ll deduct the maximum mileage. 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! 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.



Top 10 Challenges of Managing Multiple Accounting Offices

Consolidation in the accounting industry has resulted in more accounting firms juggling multiple locations. Maureen Schwartz, executive director of BKR International, provides a top 10 list of challenges as well as guidance for multiple-office practice management.

View the slideshow >>


What to Do When Your Identity Has Been Stolen

A step-by-step guide for victims of ID theft (and their advisors)

View the slideshow >>


The 'Tax Warrior' Creed

Philadelphia firm Drucker & Scaccetti creates a warrior mindset

View the slideshow >>


10 Tips for Fighting Tax-Related ID Theft

Constant vigilance is the price of fighting online fraud

View the slideshow >>


Taxpayers Speak!

A WalletHub survey reveals what your clients really think about taxes and more

View the slideshow >>


Top 10 Form W-2, 1099 and 1095 Myths vs. Realities

Greatland Corporation has compiled a list of misconceptions when it comes to tax-reporting requirements. Failing to understand the real truth behind these myths can cost a business extra money to file again or, even worse, to pay steep fines if reporting is not done in compliance with regulations.

View the slideshow >>


The Fastest-Growing Firms in the U.S.

The firms with the highest 2015 revenue growth from our Top 100 Firms/Regional Leaders list

View the slideshow >>


6 Ways to Attract and Retain Millennial CPAs

Millennials have a very different set of priorities when deciding where they want to work than previous generations. Employers need to ensure they are tailoring their organizations in order to find and keep millennial talent. Here are some suggestions from Henner Schliebs, VP and head of finance audience marketing at SAP.

View the slideshow >>


The 2016 IRS Dirty Dozen

The 12 most egregious tax scams of the year

View the slideshow >>


Top 10 Tax Tips for Farmers and Ranchers

While some farms may raise cattle, poultry or fish and others grow fruits or vegetables, all will report their farm income on Schedule F, Profit or Loss from Farming. If your clients own a farm or ranch, here are 10 tax tips from the IRS.

View the slideshow >>