Money For Lunch – Tax Myths

Tax Myths

April 7, 2016 2:22 PM0 commentsViews: 24

Do you shudder at the thought of tax season approaching? Perhaps you’re feeling bombarded with negative messages about how you need to hire a professional to get your full refund, or you’re convinced that even if you get a refund, you’ll blow it quickly. Both ideas are common misconceptions that seem to take hold each spring. The truth about your taxes is much more promising than you may think.

Though some ads may tell you differently, you don’t need a tax professional to make sure you get your full refund. Online tax preparation services offer step-by-step guidance to help you through the entire process. You can even file via a smartphone app using the feature-rich Apple iPhone 6S. This simple solution for filing taxes is quickly growing in popularity, with 37 percent of taxpayers using computer software in 2015.

Worried about how much you’ll get back? The average refund was a whopping $2,815 in 2015. In 2014, over half of filers got $1,000 or more back on their taxes. All that’s left is deciding what to do with the dough. Popular myths tell you that most people watch their tax refund slip right though their fingers. The truth, however, is more promising. Twenty-eight percent save or invest their refund, while 30 percent use it to pay down debt.

Want to learn more about the truth behind those scary tax myths? Check out the infographic below, then get to the grindstone and turn those taxes in yourself.

Tax Myths IG

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