Top 10 Tax Myths

The tax code can be a confusing read, clocking in at about 74,000 pages long. Even tax professionals don’t have every nuance memorized, so it’s no surprise that urban tax myths abound. Unfortunately, it can be difficult to claim ignorance or blame your accountant if you fall prey to a common tax myth, so it’s a good idea to learn which myths are actually true and which need to be busted.

  1. Myth: Your accountant is liable for any errors in your return.
  2. Fact: Professional tax preparers want to avoid making errors for the sake of their reputation and job security, but any tax fraud committed on your return is solely your responsibility. Similarly, you cannot blame tax software or false information you read online. If you’re working with an accountant, make sure to review his or her work and ask questions about anything you don’t understand before sending in your return.

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