Today I came across an excellent post by a tax attorney who writes for Bloomberg Tax, and I just had to share it with you. It was written by Tax Lady and attorney Kelly Phillips Erb of Bloomberg Tax.
Kelly writes about the most common tax myths in the US tax world, what is wrong about them and why it’s important to be aware that they are in fact…..myths! She does in plain, easy to understand language that does not get in the way of making her point. It’s entertaining too. I think you will appreciate them.
Some of the myths she demystifies?
- If you request an extension, your chances of getting audited will go up.
- You can claim the home office deduction as an employee because of the pandemic.
- If you create an LLC, you can deduct your personal expenses.
- You don’t have to pay taxes on money you received illegally.
- If you don’t receive a tax form, you don’t have to report the income.
- Getting a tax refund means the IRS has accepted your tax return.
To read all 20 myths, click on the buttons below:
I hope you enjoyed this brief post.
See you next week to talk about the foreign earned income exclusion.
Stay warm, safe and healthy. Un abrazo y buena onda, Marina