Whenever you feel the air around you is tense, and there is a lot of frenzy and truck loads of chaos, lo and behold – the time to file your taxes is here. When it comes to filing your taxes, everyone seems to be an expert on the matter, and such self-proclaimed experts are the rumor mills that develop loads of myths about tax returns.
Despite there being several programs such as Annual Federal Tax refresher course and the Annual Filing Season program that are designed to make tax filing easy, some myths about tax returns can ultimately hamper your tax filing, and it’s important that we dispel such rumors so that your tax returns stay hassle-free.
Selling Your Home Is Not A Taxable Revenue
This is very important for every tax preparer and tax filer. Selling your house, more specifically selling the house which is your primary residence in which you live, gives you immediate revenue and that revenue is not accounted for or taxed by the government. According to the IRS regulations, house sale proceeds that are up to $250,000 are un-taxable. So whenever you sell your house always remember you can do whatever you want with that money.
Only The Filthy Rich File Taxes
When you are rich, to the poor man it seems that your world is a brighter place. To the tax authorities though, both you and an ordinary man are the same. It is a widely believed myth that only people who earn a lot are asked to file their tax returns, that is definitely not the case. Everyone who earns or does some activity to earn whether he has made a profit or a loss has to file taxes. Recent tax law updates mean that if you are in a financial crisis and you file your taxes the state will identify you and try and support you.
