Tax season is around the corner and your mind must be boggling with a whole lot of questions as you start the tax-filing process. If you are an entrepreneur, you’ll certainly be looking for solutions for all your queries regarding how you would work out on this tax season.
This situation generally creates a handful of misconceptions or what we call as myths. Out of which, the first myth that businesses have is about the IRS, claims, and deductibles. Read them below and find out the truth.
IRS Won’t Accept E-Filing
This is true in a way and also considered as false. IRS usually starts the process of e-filling late in November till the early January. This is something that makes you think that the IRS doesn’t accept e-filling. This is because it shuts for a specific period. It gives them time to update their forms and systems.
For 2019, the IRS has announced that it will re-begin from 28th January 2019.
No Tax deduction for Cryptocurrency
Virtual or real, pennies gone are considered a loss. If you are selling your cryptocurrency at a loss, you can count them as deductibles when you are filing the tax.
It can sometimes become a tedious question which can be technically answered by our experts by reaching to our TurboTax support number.
Poor People Don’t Pay Taxes
If you are thinking the same, you might go the wrong way. If you are reading this article right now, you are eligible to file taxes. The IRS will penalize you with more interest if you don’t pay taxes. If you set up a payment plan with the IRS, it will benefit you.
If you find yourself nowhere while being better at paying taxes on time, reach out to our TurboTax tech support and our team will help you.
No Refund from the IRS Due to Shutdown
It is not true. The IRS, despite the shutdown, is taking e-filling and issuing a refund from taxes with plans of bringing back the furloughed workers. If you have any questions regarding the same or filing taxes with TurboTax, contact our TurboTax customer support in the US.
Theft and Personal Casualty are Deductibles
If the government declares a disaster prone area, it will be counted under the deductibles. Personal casualty will no longer be counted in deductibles. Theft has never been declared presidentially, that said, it is also not counted under deductibles.
Moving Expenses can be Deducted
If you are not on active military duty, you cannot deduct your moving expenses from the federal tax returns. Some exceptional moving expenses can be counted as deductibles.
Students Don’t File Taxes
It is totally false.
If you are a student or even a retiree, you have to file taxes, it is compulsory if you are an individual entity.
Being a business owner, it is important that you prepare to file your tax early on time. Make sure you do not fall in the trap of these myths. If you find yourself stuck anywhere, do not forget to reach our TurboTax tech support number.