Five tax myths that can cost you money ·Regular and exclusive use - This means that the home office is regularly used for business, and has no other use.
Rather, the IRS wants its share of your money as you earn it, and if you don't Myth No. 4 -- If I can 't pay my tax bill, I'll just file for an extension.
News business taxes filing myths that could cost money - - triGet started with TurboTax. True good tax planning is when your refund comes in at a number very close to zero. So if you're aware of the income in question, don't try to hide it. You Need a Bank Account to Get a Direct Deposit of Your Refund.
But contrary to what you may have been led to believe, you can't just pay those taxes all at once in conjunction with preparing that return. Of course, you may be wondering, "If I get paid in cash, how will the IRS find out about it? But there is no such status in the tax code. Stay Connected with CBC News. If there's one thing the U. This myth has been around for about a quarter-century and is accepted as gospel among those who are not intimately familiar with income tax preparation. Get a free trial today!
Small Business Tax Tips to Maximize Your Tax Return
News business taxes filing myths that could cost money -- expedition
Red flags begin to raise when you claim a huge amount of space, or your entire home, as your office. See desmond-mcallister.info for price comparison. While a tax extension will give you more time to submit your actual return, it won't grant you any leeway when it comes to paying your bill. Myth Number Nine: My accountant is liable for any mistakes. Site Map Affiliates and Partners Software and License Agreements Privacy Statements Security..