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Tax relief
Five Myths About Tax Relief That Could Be Costing You
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[QUOTE="Holicent, post: 322135, member: 76163"] [B]Money Myth: [/B]Taking the standard deduction is always preferable to itemizing deductions. [B]Fact[/B]: While some taxpayers may benefit from itemizing their deductions, not everyone will need to do so. In order to determine which method results in a lower tax bill, taxpayers should compare their itemized deductions to the standard deduction. [B]Myth[/B]: You can deduct losses from investments of any kind from your taxable income. [B]Fact[/B]: Each year, only a certain amount of investment losses can be deducted from investment gains. It is necessary to carry over any excess losses to subsequent tax years. [B]Myth[/B]: Your tax bill will always be lower if you donate to a charity. [B]Fact[/B]: It is possible to deduct charitable contributions, but the amount of the deduction will be contingent on a number of factors, including the type of charity and the amount donated. To get the most out of their charitable deductions, taxpayers should speak with a tax professional. [B]Myth[/B]: Having a home always saves a lot of money on taxes. [B]Fact[/B]: Through deductions for mortgage interest and property taxes, owning a home can result in tax savings, but these savings may not always outweigh the costs of homeownership, such as upkeep and repairs. [B]Myth[/B]: Scams involving tax relief are easy to spot. [B]Fact[/B]: Scams aimed at tax relief can be sophisticated and difficult to spot. Taxpayers should always seek the advice of a reputable tax professional and be wary of any offers promising to reduce or eliminate their tax liability for a fee. [/QUOTE]
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Five Myths About Tax Relief That Could Be Costing You
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