When it comes to tax myths, there are a number of them out there, and as you’re searching for tax services near me or a tax accountant near me to help you with your taxes, you need to make sure that you are aware of these myths. SmarTax, LLC. in Pembroke Pines wants to make sure that before you make any decisions about your taxes that you have the knowledge to avoid falling for some of these common myths. It’s time to learn what to be on the lookout for before dealing with your taxes!
Locating Tax Services Near Me To Help Bust Common Tax Myths
As tax season rolls around it seems like everyone starts searching for “a tax accountant near me” to help them do their taxes, but many of those people don’t really know or understand the tax world and what “facts” are true and which ones are purely a myth. Below we are breaking down and busting some common myths about taxes, so you go into the situation more aware and with more knowledge.
- Myth #1-Filing Taxes is Voluntary: Although this seems absurd to most people, there are a number of people who believe this is true because the instruction book of the Form 1040 says that the tax system is “voluntary.” However, this word refers to the amount of money that each individual owes, meaning everyone is responsible for determining their own amount. It has nothing to do with the filing of taxes.
- Myth #2-You Can Claim Your Pet as a Dependent: It doesn’t matter that you refer to your pet as a “fur baby” you cannot claim them as dependents on your taxes. There are hundreds of people each year who try to do this. Although pets indeed meet the requirement of getting more than half of their financial support from you, the fact is that they are not human!
- Myth #3-The IRS Has To File a Return For You: The IRS does have the right to file a return on your behave if they suspect fraud or if they want to verify the information you submitted. However, you can’t just sit back and think they are going to file your return from the start, that responsibility is on you!
- Myth #4-Illegal Money is Not Taxable: Now to most people this seems a little ridiculous, but just because you break one law doesn’t mean you should break another if you are receiving income through illegal activities that money is still taxable. To the government, it doesn’t matter if the money is coming from robbing banks or working at a bank in the IRS’ eyes if you’re making money they are entitled to a piece of it.
- Myth #5-Students Don’t Have To Pay Taxes: This one is actually partially true. If you are a student and still a dependent of someone else, who is filing taxes than you don’t need to pay taxes if you’ve earned less than $12,000 during the tax year. On the other hand, it may be beneficial for a student to file taxes because if you worked a job where an employer withheld money than you’d probably be due a refund.
Contact A Top Tax Account Near Me
SmarTax LLC provides payroll services in the Pembroke Pines area. We assist our clients with all of their tax needs to make sure they meet all their deadlines and requirements. If you have difficulty locating tax services near me, call or visit us today to find out how we can help with your tax needs!