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Are You Falling For These Tax Myths?

Are you being misled by friends, family, or TikTok when it comes to filing your taxes? If they’re not CPAs, probably.

I debunk three myths that help you understand your taxes:

1/ Large Tax Refund: Is it Really a Win?

Don’t celebrate just yet if you receive a large tax refund. It means you’ve overpaid throughout the year, giving the government an interest-free loan. Instead, adjust your withholding to keep more money in your pocket and use it to invest or save.

2/ My accountant is liable for any mistakes

Regardless of professional help, you are ultimately responsible for the accuracy of the information on your return. You may have legal recourse against the preparer for fraudulent or unreasonable practices.

3/ Money made online is tax free

No paper, no trail, right? Nope. Even if you don’t receive a 1099, you still have to report the income on your taxes. Assume that any money deposited into your bank account is fair game for the IRS.

Why does this matter?

Understanding the nuances of tax can have a significant impact on your financial well-being. By staying informed, you can save money and avoid unnecessary headaches.

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