Bloomberg Tax
Feb. 11, 2021, 9:46 AM

Top Twenty Tax Myths and Why They’re Wrong—Part 1

Kelly Phillips Erb
Kelly Phillips Erb

You can hear a lousy tax take almost anywhere from your hairdresser to the grocery store.

Today, with a smartphone and a social media account, taxpayers have a platform to share that advice almost immediately. And the more it’s shared, the more legitimate it may appear to taxpayers.

Countering bad advice, especially during tax season, is crucial. Here’s a look at some tax myths—and why they’re wrong.

  • Filing taxes is voluntary. Most tax myths have some basis in truth, which is why they spread so easily. It’s true that the US tax system is characterized—even in IRS publications—as voluntary. But ...

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