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What is a Myth

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What is a Myth

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    2. What is a Myth? Myth: Webster�s defines myth as a fictitious or imaginary story, or a false belief.

    3. Myth #1 �Don�t file your taxes if you don�t owe any money.� You could be missing out on a refund. You could be eligible for other credits.

    4. Myth #2 �I�m a student so I don�t have to pay.� There are special credits for students to reduce the amount that you owe. If your parents claimed you then you can owe.

    5. Myth #3 �I work, so my parents can�t claim me.� As long as your parents provide � of your support, they can claim you.

    6. Myth #4 �Getting a RAL is a good deal!� You are borrowing your own money and paying up to 40% interest. Be patient!

    7. Myth #5 �If you ignore the IRS they will leave you alone.� The IRS can seize your car, paychecks, bank accounts, and your house. If you cooperate, you can reach a solution.

    8. Who Can File Your Taxes? Do it yourself Have a friend do them Pay someone to do them File online for free

    9. Guided Practice Scenario #1: �I worked part-time all year long last year while attending college. Even though I worked all year, my W-2 form says that I only made $7000 before paying taxes. Should I even bother to file?�

    10. Guided Practice Scenario #2: �So what if I�m 18 and still live at home, its rent free! That doesn�t mean that my parents can claim me on their taxes. I worked hard for the money to buy that truck and X-Box. Too bad there wasn�t any money left over for food.�

    11. Guided Practice Scenario #3: � I let my Uncle Frank file my taxes last year. Everything went well until I got a letter from the IRS saying that I owed them $455,345! That�s 500 times more than I made last year. I know I need to find someone else to do my taxes this year, but I don�t know anyone.�

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