There is a lot of misinformation regarding tax prep and filing. Others believe in these so-called tax prep myths that could get you to hot water. In this blog, you will know tax prep myths you should avoid believing.
Though this is false, some people choose to believe it is voluntary to file. They describe the tax filing system as voluntary. But this is not the case, as every individual is responsible for the tax they owe.
The IRS has the right to verify your returns, yet you must work for it. This myth implies that the IRS may file a return on your behalf. Unfortunately, there’s no way they can do it. It’s not true that income from illicit activities is not taxable. As long as you earn money, the government has the right to tax you.
This tax prep myth is somewhat true because a student dependent on someone isn’t required to pay taxes. However, if they earn less than $12,550, students may file taxes because of their employer for tax purposes. Another myth is that you can add your pets as a dependent. While there’s no denying that pets meet the requirements for getting financial support from owners, the thing is that they are not humans. .
