Slideshow More Taxpayer Misconceptions

Published
  • April 21 2014, 7:58pm EDT
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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.

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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.

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Private school tuition is deductible.

Nope.

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.