Misperceptions Tax Law

Don’t get in trouble with the IRS because you listened to a “barracks lawyer.” Review these common tax law misperceptions.

By Col. Curt Sheldon, USAF (Ret), CFP® Illustrations by David Busby

Many folks will tell you Mark Twain said, “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” Despite a deluge of misinformation, Twain’s contemporary Josh Billings authored the expression. Let this quintessential mix-up guide your dealings in matters of fact, especially when the Internal Revenue Service (IRS) is involved. Whether it comes from the “bar- racks lawyer,” watercooler talk, or something you’ve heard on the radio, there are more than a couple of things some taxpayers “know for sure that just ain’t so.”

FEBRUARY 2015 MILITARY OFFICER 49