Four Tax Myths Debunked: Things to Request Your CPA Company This Tax Season
Tax season is full of conventional wisdom-some of which may invalid for each and every scenario. Learn the reality about some common tax myths, so you can file your return with your eyes open.
(IINews) - Tax season is full of conventional wisdom-some of which may invalid for each and every scenario. Learn the reality about some common tax myths, so you can file your return with your eyes open.
After years of filing state, national, and city taxes, you may think you understand everything concerning the income tax process. Every person or family''s fiscal situation is unique, and ascribing to a one-size-fits-all tax preparation process may not be the most effective choice. Learn the reality about these tax myths that are vital and break free from the cycle this tax season.
"A Bigger Refund Is obviously Better"
Many taxpayers'' withholding is maximized by they through the year, wagering they''ll get a giant refund. By basically giving the IRS an interest-free loan through the year, you are taking money out of your pocket. If you find yourself fighting to keep up with monthly bills and paying for things on credit, think of how you might be benefited by that extra cushion each paycheck.
"I Should Keep Spending-It''s a Tax Write-Off"
It may be inviting to splurge on tax-deductible items through the year. But the settlement in your tax refund definitely won''t equal the total cost of the items in question. And, like withholding the money you need to work with year-round is reduced by overspending, in exchange for a lump-sum that you may end up spending on a big-ticket item. So if you are buying that new tech gadget more because it''s tax-deductible than because you actually need it, think again. One note: The same basic theory applies to payments that are on-going, like mortgages and student loans. Talk to your CPA firm in Los Angeles about whether it makes more sense to spread them out and get the accompanying tax deductions or to pay those balances off quickly.
People who work at home qualify for a home office tax deduction. But the IRS has very strict guidelines for what constitutes a home office. The biggest qualification is that your home office is your main place - you are ineligible to claim this deduction, if you visit an outdoor office 40 hours per week. Additionally, the home office should be properly used almost exclusively for business operations. Be careful about claiming the home office deduction, and be alert about providing backup materials to strengthen your claim. Claiming this tax write-off falsely can set you on your way to some tax audit.
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Datum: 02.11.2015 - 16:52 Uhr
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