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More common tax myths you should know about

We discussed several tax myths in this blog last year. Now that tax time is here again, it’s time to revisit some of the common myths surrounding taxes in the United States. At the law office of Ron Cordova Attorney-at-Law, we understand the desire to limit your tax burden. However, when you and other California residents are too quick to believe some of the falsehoods about taxes currently going around, you may face serious penalties.

FindLaw has described some of the tax myths that, at first glance, you may think are legitimate, but fall apart under scrutiny. They are as follows:

  • “You don’t have to report your tips as taxable income.” All income is taxable, according to the IRS. If you make more than $20 in one month, you must report this income to your employer.
  • “Taxes are illegal or unconstitutional.” This claim is blatantly false.
  • “You can claim the home office tax write-off if you have a desk and computer.” Actually, you can only claim a write-off if you are self-employed and have an area in your home, such as a spare bedroom, set aside exclusively for your self-employed business.

You would need to knowingly and repeatedly fail to report and pay your taxes to face penalties as serious as prison time. However, falling for the above myths can result in tax audits and fines from the IRS, which you want to avoid. Tax fraud is a complex topic, as our page explains. Therefore, it may be necessary to seek professional legal counsel if you have questions about your yearly taxes.

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