Busted! Don’t Believe These Tax Myths!

As the tax season approaches, you may be spending some sleepless nights trying to get all the right documents together to prepare your tax returns. Tax preparation and filing can be daunting and frustrating, especially when you have to understand the deductions, rebates, and returns process.

However, in these taxing times, you may encounter misinformation about filing taxes only to add to the confusion. And blindly following a non-expert’s tax advice could get you into a lot of trouble. So, in an effort to help you steer clear of these misconceptions, Syvertsen Accounting LLC wants to bust two of the most widely believed myths about taxes.

Myth 1: Your tax preparer is responsible for any mistakes
Mistakes happen, even when you’re dealing with a professional tax preparer. But, tax mistakes are not always the preparer’s fault. When you sign your tax return, you are confirming that you have examined this return, and to the best of your knowledge and belief, it is true, correct, and complete. In other words, you are ultimately responsible for what is reported on your tax return. Moreover, tax preparers rely heavily on clients to provide all correct tax information to complete a return successfully. If your tax return does have an error or documents were missed, please don’t ignore it. Be sure to reach out to your tax preparer and get it resolved.

At Syvertsen Accounting LLC, I am here for you and always want to make sure you get the best results possible. If there is ever missing or incorrect information, I will notify you and do my best to resolve any issue as you are my priority.

Myth 2: Filing taxes is voluntary
This idea that filing taxes is voluntary can be lost in translation. Our “voluntary” tax system means that taxpayers complete their own returns and calculate the tax due instead of having the government do it for them. This means that when tax season comes around, you may have some choices on how to file but if you file or not is not a voluntary decision. Tax filing requirements are clearly explained and stated in the tax code in Sections 6011(a), 6012(a), and 6072(a).

Myths can be confusing, and it is hard to know where the truth lies. That is why it is always important to talk to a professional before getting started, especially regarding your taxes. Small mistakes can make a huge impact on your refund amount and how much you owe.

If you’re looking to steer clear of more myths like these, reach out to Syvertsen Accounting LLC. As a leading tax accountant and preparer in Delaware, OH, I offer clients top-of-line accounting and tax services, including business accounting, bank reconciliations, outsourced bookkeeping, and payroll services. I have over fifteen years of experience working for small and medium-sized businesses holding accounting and bookkeeping responsibilities in manufacturing, finance, and the service industry. My services are flexible and can be tailored to meet the specific needs of almost any company budget.

For a complete list of my services, please click here. If you have any questions about accounting and taxation, I’d love to hear from you. Please contact me here.