In this podcast episode, the hosts tackle common myths about online tax advice and offer tips to avoid expensive mistakes during tax season. A tax expert clarifies misconceptions about deductible expenses, such as clothing and haircuts, and stresses the need to grasp the complexities of tax law beyond just the basics. The conversation also explores effective strategies for hiring family members, navigating IRS audits, using IRS transcripts for verification, and planning for year-end taxes. This includes tips on managing income and expenses, making charitable donations, and employing tax loss harvesting. Ultimately, the episode underscores the importance of seeking professional tax guidance and understanding your unique tax situation before relying on online information.
