12 Common Tax Myths, Busted – Steven Jager Quoted in Forbes

With the filing of tax returns in full swing, many Americans are confused about current tax laws. In a recent Forbes article, “12 Common Tax Myths Busted,” Partner Steven Jager addresses misconceptions about 1099-NEC forms that are used by businesses to report payments of $600 or more to independent contractors. Not receiving a 1099 or earning less than the $600 does not exempt independent contractors from reporting the income.

“You should assume that any money deposited into your bank account is ‘fair game’ for the IRS,” Jager cautions. “In the event of an IRS audit, the Examining Agent will perform a bank deposit analysis, and every deposit will be considered to be income unless you can demonstrate that it is not.”

The article also discussed myths related to child tax credits, home office deductions, cryptocurrency payments and more.

Read the full article here.