BUSTING TAX MYTHS Clearing Up 3 Common Misconceptions
Have you ever felt like someone is trying to pull the wool over your eyes? This is common enough on April Fools’ Day, but when it comes to the world of taxes, it can feel like the rules are always changing and someone is always playing a trick on you. Because you only do them once a year, you can’t be expected to know everything, and fortunately, you don’t have to! We’re here to bust a few of the tax myths that get tossed around so you don’t make these mistakes. MYTH NO. 1: PETS CAN QUALIFY AS DEPENDENTS. No, sadly. As much as you might care for Max like your own kin, his four legs and droopy ears disqualify him from being claimed as your dependent on taxes.The good news? If your pet is directly connected to your business (say, a guard dog) or you need them for medical reasons, you can write off expenses related to their care. MYTH NO. 2: FILING AN EXTENSIONMEANS YOU CAN PAY LATER. Don’t make this mistake! Folks sometimes file an extension thinking it extends the amount of time they have to pay taxes owed. An extension only extends the time you have to file your taxes, but if you owe taxes, you owe taxes, and they are still due on April 15.
(Take note that the U.S. tax filing deadline has been pushed to July 15 this year due to global health concerns around coronavirus.) MYTH NO. 3: IF YOU CLAIMTHE HOME OFFICE DEDUCTION, YOU’LL GET AUDITED. As long as your claim falls within IRS rules, it shouldn’t trigger an audit. For a home office to qualify as a deduction, it needs to be your primary office and where you hold meetings.These days, home offices are very common and, as long as you’re claiming a legitimate deduction, should not trigger an audit. Do you rest easy knowing Capital Advisory Group is taking care of the tax strategy and preparation for your business and personal accounts? Let us know! We love working with you, and your referrals are greatly appreciated. Leave your review at CapitalAdvisoryGrp.com and tell your friends and family about us.Thanks for helping this small business grow!
TAKE A BREAK
EASY DEVILED EGGS
Ingredients
Directions
• 1/2 cup mayonnaise • 2 tbsp milk • 1 tsp dried parsley flakes • 1/2 tsp dill weed • 1/2 tsp fresh chives, minced • 1/2 tsp ground mustard • Salt, paprika, garlic powder, and pepper, to taste • 12 large eggs, hard-boiled • Fresh parsley, minced, and paprika for garnish
1. In a large bowl, combine mayonnaise, milk, parsley flakes, dill, chives, mustard, salt, paprika, garlic powder, and pepper. Mix well and set aside. 2. Cut eggs lengthwise and remove yolks carefully to preserve egg whites. 3. In a small bowl, mash yolks. 4. Mix mashed yolks with mayonnaise mixture. 5. Spoon or pipe the mixture back into the egg whites. 6. Garnish with fresh parsley and paprika. Refrigerate before serving.
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