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Helpful Tax & Finance Links
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Top 6 Things People Get Wrong About Taxes
6
Social Security Benefits Are Tax Free
1
Not always. Depending on your other income, up to 85% of your Social Security benefits may be taxable. This does not mean you are taxed at 85%. It means that up to 85% of your benefits may be included as taxable income when your federal tax return is calculated.
An LLC Means You'll Pay Less in Taxes
2
False. Forming an LLC does not automatically reduce your taxes. An LLC is a legal business structure, not a tax strategy. How your business is taxed depends on several factors, including your tax classification, income, and overall financial situation.
Filing an Extension Means I Can Pay Later
5
If I'm in the 22% Tax Bracket, All of My Income Is Taxed at 22%.
If I Don't Receive a Tax Document, I Don't Have to Report the Income
3
Not true. You are generally required to report all taxable income, even if you do not receive a tax document. It is your responsibility to report all taxable income on your tax return.
A Bigger Refund Means the Government Is Giving Me More Money
4
Wrong. Your refund is generally money that was already yours. It is simply being returned because you paid in more than you owed.
Actually… Filing an extension gives you more time to file your return, but not more time to pay any taxes owed.
Good News! Tax brackets build on each other. As your income increases, only the dollars that fall into the next tax bracket are taxed at the higher rate.