{"id":30426,"date":"2017-11-06T08:00:08","date_gmt":"2017-11-06T14:00:08","guid":{"rendered":"https:\/\/resource-center.hrblock.com\/?p=30426"},"modified":"2021-08-11T11:55:12","modified_gmt":"2021-08-11T16:55:12","slug":"tax-myths-busted","status":"publish","type":"post","link":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/","title":{"rendered":"Tax Myths\u2014Busted!"},"content":{"rendered":"

Tax laws are often summarized for sake of quickly explaining a potential benefit\u2014or conflict. When details are omitted, it\u2019s easy to misinterpret law or consider the advice of a trusted friend versus taking time to do firsthand research.<\/p>\n

Save yourself a potential headache and review the top four tax stories we’ve debunked.<\/p>\n

Tax Myth #1: I can file my tax return with the details from my last paycheck stub.<\/h2>\n

The figures listed on your last paycheck stub may be close to what will be released on your W-2, but it\u2019s not guaranteed that the numbers are always right. Plus, this is technically illegal. Your last pay stub is not considered an IRS-recognized document for filing.<\/p>\n

It\u2019s common for calculations to be a few cents off throughout the year and not be accounted for until end-of-year. Payments such as bonuses and commissions can easily be forgotten, and no one enjoys the process of filing an amended return.<\/p>\n

Our advice? Wait for your employer-prepared Form W-2. You should receive this document by January 31st at the latest.<\/p>\n

Tax Myth #2: Being unemployed means I don\u2019t have to pay taxes.<\/h2>\n

If you receive any form of unemployment benefits either from a city, state, or federal level, then that\u2019s considered income. Earned income should be reported on your tax return.<\/p>\n

Unemployment benefits paid are typically reported with a Form 1099-G. This form functions much like a W-2, outlining how much you were paid and if taxes were withheld.<\/p>\n

Tax Myth #3: Any money that I give counts as a charitable contribution.<\/h2>\n

This is not true. Giving without the expectation of repayment is an admirable gesture. However, it\u2019s important to note that only charitable gifts and donations made to IRS-qualified exempt institutions are tax-deductible.<\/p>\n

Typically, a receipt is exchanged when a tax-deductible gift is received. If you recently made a contribution and are unsure if your donation would count as a Charitable Contribution, use the \u201cExempt Organizations Select Check\u201d located on the IRS website.<\/a><\/p>\n

Tax Myth #4:  A tax filing extension gives me more time to pay my balance due.<\/h2>\n

Filing on-time is the first crucial step to determine your eligibility to enroll in an IRS-approved installment repayment plan.<\/p>\n

Neglecting to file on-time or worse, avoiding payment of your outstanding balance altogether, subjects yourself to a failure-to-pay penalty<\/a> which starts at a minimum of $205. For those who owe less than $205, the penalty is the amount due, plus 100% of the unpaid tax.<\/p>\n

If you need assistance with planning next year\u2019s tax filing, contact your local H&R Block tax professional. Consider these tax myths debunked!<\/p>\n","protected":false},"excerpt":{"rendered":"

Tax laws are often summarized for sake of quickly explaining a potential benefit\u2014or conflict. When details are omitted, it\u2019s easy to misinterpret law or consider the advice of a trusted friend versus taking time to do firsthand research. Save yourself a potential headache and review the top four tax stories we’ve debunked. Tax Myth #1: I can file […]<\/p>\n","protected":false},"author":418,"featured_media":30427,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25,39,53,59,125],"tags":[],"class_list":["post-30426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-irs","category-personal-tax-planning","category-tax-responsibilities","category-tax-law-and-policy","category-filing"],"acf":[],"yoast_head":"Tax Myths\u2014Busted! | H&R Block<\/title>\n<meta name=\"description\" content=\"When it comes to making everyday tax decisions, we find that there's a gap between what's true and what's rumored. Let's explore four common tax myths.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Myths\u2014Busted!\" \/>\n<meta property=\"og:description\" content=\"When it comes to making everyday tax decisions, we find that there's a gap between what's true and what's rumored. Let's explore four common tax myths.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/\" \/>\n<meta property=\"og:site_name\" content=\"H&R Block\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/hrblock\" \/>\n<meta property=\"article:published_time\" content=\"2017-11-06T14:00:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-11T16:55:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-content\/uploads\/2017\/10\/shutterstock_411568645.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"H&R Block\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@hrblock\" \/>\n<meta name=\"twitter:site\" content=\"@hrblock\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"H&R Block\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/\",\"url\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/\",\"name\":\"Tax Myths\u2014Busted! | H&R Block\",\"isPartOf\":{\"@id\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-content\/uploads\/2017\/10\/shutterstock_411568645.jpg\",\"datePublished\":\"2017-11-06T14:00:08+00:00\",\"dateModified\":\"2021-08-11T16:55:12+00:00\",\"author\":{\"@id\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/#\/schema\/person\/f4718b72c980dd652973129a5e10b6e9\"},\"description\":\"When it comes to making everyday tax decisions, we find that there's a gap between what's true and what's rumored. Let's explore four common tax myths.\",\"breadcrumb\":{\"@id\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/#primaryimage\",\"url\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-content\/uploads\/2017\/10\/shutterstock_411568645.jpg\",\"contentUrl\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-content\/uploads\/2017\/10\/shutterstock_411568645.jpg\",\"width\":1000,\"height\":667,\"caption\":\"tax myths busted\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Tax Myths\u2014Busted!\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/#website\",\"url\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/\",\"name\":\"H&R Block\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/#\/schema\/person\/f4718b72c980dd652973129a5e10b6e9\",\"name\":\"H&R Block\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/d3f2ab55aa4ed027afc8ce9fd703aa438b2279c917744a6f2b3741d614ca47b2?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/d3f2ab55aa4ed027afc8ce9fd703aa438b2279c917744a6f2b3741d614ca47b2?s=96&d=mm&r=g\",\"caption\":\"H&R Block\"},\"description\":\"The social media team at H&R Block works to provide valuable tax and personal finance information to clients - and potential clients.\"}]}<\/script>","yoast_head_json":{"title":"Tax Myths\u2014Busted! | H&R Block","description":"When it comes to making everyday tax decisions, we find that there's a gap between what's true and what's rumored. Let's explore four common tax myths.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/","og_locale":"en_US","og_type":"article","og_title":"Tax Myths\u2014Busted!","og_description":"When it comes to making everyday tax decisions, we find that there's a gap between what's true and what's rumored. Let's explore four common tax myths.","og_url":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/","og_site_name":"H&R Block","article_publisher":"https:\/\/www.facebook.com\/hrblock","article_published_time":"2017-11-06T14:00:08+00:00","article_modified_time":"2021-08-11T16:55:12+00:00","og_image":[{"url":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-content\/uploads\/2017\/10\/shutterstock_411568645.jpg","width":1000,"height":667,"type":"image\/jpeg"}],"author":"H&R Block","twitter_card":"summary_large_image","twitter_creator":"@hrblock","twitter_site":"@hrblock","twitter_misc":{"Written by":"H&R Block","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/","url":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/","name":"Tax Myths\u2014Busted! | H&R Block","isPartOf":{"@id":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/#website"},"primaryImageOfPage":{"@id":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/#primaryimage"},"image":{"@id":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/#primaryimage"},"thumbnailUrl":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-content\/uploads\/2017\/10\/shutterstock_411568645.jpg","datePublished":"2017-11-06T14:00:08+00:00","dateModified":"2021-08-11T16:55:12+00:00","author":{"@id":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/#\/schema\/person\/f4718b72c980dd652973129a5e10b6e9"},"description":"When it comes to making everyday tax decisions, we find that there's a gap between what's true and what's rumored. Let's explore four common tax myths.","breadcrumb":{"@id":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/#primaryimage","url":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-content\/uploads\/2017\/10\/shutterstock_411568645.jpg","contentUrl":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-content\/uploads\/2017\/10\/shutterstock_411568645.jpg","width":1000,"height":667,"caption":"tax myths busted"},{"@type":"BreadcrumbList","@id":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-myths-busted\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/"},{"@type":"ListItem","position":2,"name":"Tax Myths\u2014Busted!"}]},{"@type":"WebSite","@id":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/#website","url":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/","name":"H&R Block","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/#\/schema\/person\/f4718b72c980dd652973129a5e10b6e9","name":"H&R Block","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/d3f2ab55aa4ed027afc8ce9fd703aa438b2279c917744a6f2b3741d614ca47b2?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d3f2ab55aa4ed027afc8ce9fd703aa438b2279c917744a6f2b3741d614ca47b2?s=96&d=mm&r=g","caption":"H&R Block"},"description":"The social media team at H&R Block works to provide valuable tax and personal finance information to clients - and potential clients."}]}},"_links":{"self":[{"href":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-json\/wp\/v2\/posts\/30426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-json\/wp\/v2\/users\/418"}],"replies":[{"embeddable":true,"href":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-json\/wp\/v2\/comments?post=30426"}],"version-history":[{"count":0,"href":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-json\/wp\/v2\/posts\/30426\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-json\/wp\/v2\/media\/30427"}],"wp:attachment":[{"href":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-json\/wp\/v2\/media?parent=30426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-json\/wp\/v2\/categories?post=30426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-json\/wp\/v2\/tags?post=30426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}