10/26/2026
Don't let these common tax myths frighten you this Halloween! 👻
🎃 Trick: Filing an extension means you can delay paying taxes.
🍬 Treat: A tax extension gives you more time to file your return, not more time to pay. Any taxes owed are still due by the original tax deadline.
🎃 Trick: You don't have to report all income, including side gigs, freelance work, or online sales.
🍬 Treat: The IRS requires you to report all taxable income, even if you don't receive a tax form like a 1099.
🎃 Trick: A large tax refund is always something to celebrate.
🍬 Treat: A big refund likely means you've been overpaying taxes throughout the year. While getting money back feels great, adjusting your withholding could mean more money in your paycheck instead.
Don't let taxes scare you! The team at Paramount Tax & Bookkeeping Magnolia can make tax filing a treat. Call today.