18663 Ventura Blvd, Suite 227Tarzana, CA 91356
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18663 Ventura Blvd, Suite 227Tarzana, CA 91356
FREE CONSULTATION818-436-2775
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Personal, Affordable Payroll Services, Bookkeeping, and Tax Processing for Small Business throughout Los Angeles County.

Misconceptions Among Today’s Taxpayers

Paying taxes is not something that many people look forward to. However, with the help of a good tax accountant Los Angeles, hopefully you do not have to pay more taxes than necessary. Unfortunately, many people have some misconceptions when it comes to paying taxes. The following are a few of the top misunderstandings among today’s taxpayers.

There’s an Age Limit for Income Taxes

Some people ask their tax accountant Los Angeles, “What’s the age limit for paying taxes?”  Sadly, there is no age limit. Everyone has to pay income taxes – even when they get older.

No Document, No Income

A lot of taxpayers assume that because the IRS didn’t receive any official documentation about income, they do not need to pay taxes. This assumption can get many people into trouble. If you made income, you have a responsibility to report it and pay taxes on it. If you do not report it, you could end up getting audited.

E-Filing is a Scam

A lot of clients that work with a tax accountant Los Angeles worry that e-filing is a scam. They think that it allows the IRS to access their bank accounts and take their money. This is not the case. You do not need to go through the hassle of paper filing just so you can send in your tax return. Instead, keep up with the times.

Private School Tuition is Deductible

If you want your children to attend a private school, that is wonderful. However, don’t get frustrated when you cannot deduct the tuition on your tax return. This is why the government funds public education.

Clients Were at My Wedding, So It’s Deductible

This is a nice dream. However, a wedding is a personal occasion. There is not one who will believe that you had your wedding for business reasons.

 

If you have questions about taxes, it is best to get advice from a qualified accountant. This will help you avoid making mistakes on your taxes due to these common misconceptions that many people have.