Common Myths About Tax and the Facts You Should Know

myths about tax facts you should know

There are a lot of myths spreading about taxes, and this often leads to confusion, especially to some people and young adults who don’t know much or are new to paying the tax. In this blog, we will tackle and discuss what these myths are and discover the truth according to professional lawyers who work in different fields of taxes, such as tax relief attorneys.

Common Myths About Taxes

Here are some of the common myths that are spreading about taxes and what the facts are.

  1. Rich People Don’t Pay Any Taxes in the US
    The first myth that this blog is going to debunk is that rich people don’t pay any taxes in the US. This myth isn’t true at all because the truth is that US taxpayers with higher incomes also pay higher income tax rates. In other words, American citizens with the highest incomes are the ones paying the largest share of federal taxes.
  2. You Should File an Extension If You Can’t Pay Your Tax Bill Now
    The second tax myth that you should not believe is that if you can’t pay your tax bill now, you should file an extension. This is not true because the truth is, if you owe money to the IRS, you need to pay by Tax Day to avoid interest and penalties. Additionally, you can only get an extension to file your taxes by filling out a specific IRS document that will give you 6 months to file your tax return. There is no extension given by the IRS to give you more time to pay your taxes.
  3. Filing Taxes is Voluntary
    The next myth to be debunked in this blog is that filing taxes is voluntary. When you ask this myth to your Baltimore tax attorney, he would probably tell you not to believe this lie because this is one of the most blatant falsehoods of all the myths about taxes. This is because the truth is, as a citizen of a country, you must file your taxes and pay for them.
    Once you have reached adulthood, you are responsible for determining the correct amount of tax you owe, and that is not because you volunteered to do so but because you are obligated to do so.
  4. If Your Tax Preparer Made Mistakes on Your Tax Return, He/She is Liable
    The fourth myth about tax that you should never believe is that if your tax preparer made a mistake on your tax return, he/she is liable. Never believe this myth because the truth is you are ultimately responsible for all the information on your tax return. Even if you hired a tax preparer to do the job for you, you are still liable if there are mistakes on your tax return.
    That is why you should always be careful in choosing and hiring a tax preparer and see to it that you make time to review your tax return before signing it.
  5. The IRS is Legally Obligated to File a Return For You
    The last myth in this blog to be debunked is that the IRS is legally obligated to file a return for you. To make this clear, the IRS’s job is to verify your return. It is not their job to sit on your couch and do the job of filing your tax return for you. It is your job and obligation to file for your tax return.
    About asking for help and assistance from professionals, they can only help you in the preparation process, but for the filing process, you need to do it yourself.
Bottomline

Now that you know some of the many myths about taxes, see to it not to simply believe what people are saying and learn to always check for facts to avoid possible issues that can arise when you believe them. If you made a mistake in believing one of those myths and now you need the help of an expert, experienced, and reliable Baltimore tax attorney to help you with the problem you’re facing, reach out to Richard Hackerman at 410-243-8800 or 888-243-5500 and avail of his services.

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