5 Tax Myths

I started reading an article about 5 common tax myths on MSN Money and had a hard time continuing when the first myth was “Students are exempt.” Really? Does anybody really think that?

But I read on, and the myths did improve. People do wonder whether or not they can claim their working child as a dependent, they sometimes don’t know if they have to pay taxes on gains from the sales of their home or not, few people know much about sales tax, and filing status, though it’s not generally a problem, can sometimes be confusing.

Go check the article out if you’re unsure of any of these things.

Explore posts in the same categories: Accounting, Auditing and Taxes

2 Comments on “5 Tax Myths”

  1. accountingelf Says:

    Yes, people think that. (Abotu students being exempt.) Lots of people have told me that. I think it’s because if you hold a campus job, where you only work a few hrs a week or something, they don’t even bother withholding. At least, they didn’t withhold anything from my pay this year.

  2. frugalcpa Says:

    Well, I’m glad(?) to hear that the article’s myths really exist. I guess I can see people thinking they don’t have to pay taxes because they earn so little. And I’ll admit that I didn’t know I needed to file taxes the first year I worked, but my mom was all over it for me.

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