6 Tax Myths Everyone Should Know

AAA

Don't you love a huge refund at income tax time? As it turns out, a big tax refund may make you feel good but it's not actually good for you. It means that way more than necessary was being withheld from your paycheck or, if you're self-employed, that your quarterly tax payments were much too large. The notion that large refunds are good is but one of the many enduring tax myths. Here are five others you should be familiar with.

  1. No results found.
Related Articles
  1. Retirement

    5 Top Tax Season Questions

    A tax pro answers questions she hears most often and quashes some myths.
  2. Taxes

    The Tax Refund: When It Hurts Your Retirement

    A refund can represent a lost opportunity cost for things you could have done in the past.
  3. Taxes

    6 Cheap Alternatives to a Tax Refund Advance

    Tax-preparation companies offer tax refund advances to get customers in the door and collect fees on other services. Here are 6 cheap alternatives to them.
  4. Retirement

    7 Counterintuitive Retirement Strategies That Work

    We address seven investment misconceptions, and how you can make your retirement plan make sense.
  5. Taxes

    5 Ways To Receive Your Tax Refund

    Taxpayers in the U.S. can receive their income tax refund in many different forms - checks, debit cards, savings bonds and direct deposits. Find out which one is right for you.
  6. Personal Finance

    Are 'Free' Tax Refund Loans Really Free?

    While tax refund loans are now completely free, getting one can cost you in tax prep and other fees.
  7. Taxes

    Why a Big Tax Refund Isn't Always a Good Thing

    While a tax refund may seem like a nice spring bonus, it is actually a free loan to the government.
  8. Investing

    3 Ways to Invest Your Tax Refund

    Investing your tax refund is a smart way to reach your financial goals. But depending on what you want to achieve, investment styles may differ.
  9. Taxes

    Filing Early? Some Refunds Will Be Delayed to Feb. 15

    Extra data to fight fraud means some people's tax refunds will be held to Feb. 15. See if it affects you.
  10. Taxes

    12 Reasons Your IRS Refund Was Late

    A tax refund can be a nice post-tax reward, but if it's taking too long to arrive, here are the most likely reasons for the hold-up and how to check on it.
Hot Definitions
  1. Fixed Asset

    A long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be ...
  2. Absolute Advantage

    The ability of a country, individual, company or region to produce a good or service at a lower cost per unit than the cost ...
  3. Nonce

    Nonce is a number added to a hashed block, that, when rehashed, meets the difficulty level restrictions.
  4. Coupon

    The annual interest rate paid on a bond, expressed as a percentage of the face value. It is also referred to as the "coupon ...
  5. Socially Responsible Investment - SRI

    Socially responsible investing looks for investments that are considered socially conscious because of the nature of the ...
  6. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
Trading Center