Common Tax Myths That Can Cost You Big Bucks

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When it comes to tax refund, there are some common tax myths that can cost you big bucks, and that can mean that you don’t get the amount of money that you really wanted to get from your refund. If you are aware of these tax myths that people misunderstand, you will be able not to make these mistakes, just because you didn’t really know the truth about these myths:

Students don’t have to file income tax returns

There are so many students that believe that just because they are a student that they don’t need to file their tax returns. This is so not the truth.

If you are a student, you might still need to file your tax returns, because it depends on the amount of money that you are getting a year in salaries. If you are a full-time student that doesn’t work, or that doesn’t get more than $10 150 per year, then you don’t need to worry about tax returns. However, the moment that you get more than $10 150 per year, then you should know that you need to do your taxes. Otherwise you might end up in some serious trouble.

You must file jointly when you are married

One of the other myths that are causing many married couples to lose money in getting tax refund back, is because they think that they need to file their taxes jointly when they are married. This isn’t the truth.
The moment that a couple are filing their taxes separately, you might be able to get more refund back into your account. More than what you will get, when you and your spouse file your taxes jointly. This is a myth that most people are doing wrong, and that can cost them in paying more taxes or not to be able to qualify for getting some tax refund back.see page from http://www.taxreturn247.com.au

You need to have a bank account to be able to get a direct deposit of your refund

This myth has two sides. On the one hand, this is the truth, and you will need to have a bank account before you can get a direct deposit of your tax refund into an account. But, on the other side there is the option for getting a prepaid credit card so that you can get your refund deposited into the account.

income tax

The downside of a prepaid credit card, is that it isn’t available at all the different banks, and it can be somewhat costly. Meaning that you can pay a lot of money in banking fees. There are other ways that you can safely get your tax refund without a direct deposit.

Because so many people don’t really understand all the rules and regulations about tax filing and tax refund, they are believing all the myths about tax filing. However, if you know the myths that are true and that is false, then you will have a better chance of getting some tax refund back into your account, without you losing money in believing these myths.

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