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Tax trends and myths

Tax trends and myths


Published on 2025-03-14 07:21:20 - TheStreet
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  • A new survey has revealed some surprising misconceptions that Americans have about filing taxes. Lisa Greene-Lewis, CPA and TurboTax expert, explains.

The article "Tax Trends and Myths" from MSN Money discusses several key points about current tax trends and common misconceptions. It highlights the increasing complexity of tax laws, which necessitates staying updated or seeking professional help. One major trend is the shift towards digital tax filing, with more taxpayers using electronic methods for convenience and accuracy. The article debunks myths like the belief that all income is taxable in the same way, clarifying that different income types (e.g., wages, investments, gifts) have different tax treatments. It also addresses the misconception that tax refunds are a bonus, explaining that they are essentially an interest-free loan to the government. Additionally, the piece touches on the myth that only the wealthy need to worry about audits, noting that audits can happen to anyone, but the likelihood increases with higher income or complex returns. Lastly, it emphasizes the importance of understanding tax credits and deductions, which can significantly reduce tax liability if properly utilized.

Read the Full TheStreet Article at:
[ https://www.msn.com/en-us/money/other/tax-trends-and-myths/ar-AA1AUDoq ]