Filing your tax returns recently must have made it clear to you that many tax laws are complicated and confusing. Most of the mistakes in filing tax returns happen because of misunderstood rules. You need to start planning your finances right now to have the least possible tax obligation next year. This article will help you in planning your finances by demystifying some complex tax laws. [Read more…]
Tax Myths Rejected by IRS
Internal Revenue Service (IRS) has rejected some of the popular myths relating to filing tax returns that many people firmly believe to be true.
Voluntary Nature of Tax System
A common misconception is that the taxpayer has an option of paying or not paying the tax. This is because tax system is considered voluntary and the instructions in Form 1040 clearly state tax system to be voluntary. Even the Supreme Court has stated that the tax system of the United States is based on voluntary assessment and payment. [Read more…]
