Tax Help Tips & Myths
Answers To Common Tax Misunderstandings
1. You can avoid an IRS tax audit
• False. There is now way to avoid an audit. The IRS audits at random, and your best protection is to make sure you file your taxes correctly, and keep proper records.
2. If you file your taxes with an extension you will receive an audit notice
• The IRS does not audit people who file for an extension any more than those who file on time.
3. If you cannot pay your taxes, then you should not file them
• Failing to file your taxes is against the law. If you cannot pay your entire tax debt, you still must file. There are many options (link to tax services) available for resolving your tax debt in an affordable manner
4. I am a student so I do not need to pay taxes
• False. Students still need to pay taxes. There are tax breaks in some states and from the IRS for students, but you still have to file taxes.
5. When you get married you must file your taxes together
• A married couple does not have to file jointly; they may also file as married but separate, or head of household. Speak to a tax professional if you do not know which way to file.
6. I will receive a refund even if I owe back taxes
• The IRS will not give you a refund for the current year, until all other tax debts have been satisfied. Your refund will be used towards your old tax debt, and if there is any remaining that will go to you.
7. I can hide money and assets from the IRS by transferring it to someone else
• Do not try to trick or fool the IRS. They will eventually catch up with you, and this will get you in deeper trouble, and put the person you transferred it to in risk of criminal charges as well.
8. Bankruptcy will get rid of my tax debt
• Filing for bankruptcy rarely resolves tax debt, and will stop protecting you after you get discharged. Penalties and interest will still accrue during that time, and after you will be vulnerable to tax liens, wage garnishments, bank levy’s, and other enforced collection action. A bankruptcy also extends your statute of limitations, and gives the IRS more time to collect on your tax debt.
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