Top 10 MYTHS and MISINFORMATION about PAYING TAXES

Myth 1: Filing Extension Gets you more time to pay
FACT: The FILING extension is different than a PAYMENT extension (See form 1127)

Myth 2: If you WORK from home you can get a home office deduction
FACT: This only applies to SMALL BUSINESS OWNERS, Employees working from home do not qualify

Myth 3: If you don't recieve a W-2 or 1099, that income is not taxable
FACT: IRS requires ALL EARNED INCOME to be reported

Myth 4: Filing a Tax Return is VOLUNTARY
FACT: IRS will call this a frivolous argument, and will prosecute this to the fullest extent of the law.

Myth 5: Cryptocurrency isn't taxable
FACT: Crypto is taxed on capital gains just like any other stock or capital asset.

PART TWO COMING SOON

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