It is not difficult to file taxes. This is something we can all agree on. Asking questions, or searching online for answers, only leads to more confusion. There is no one answer to all tax questions.

The National Association of Enrolled Agents is a group of tax practitioners licensed by the federal government who specialize on taxes. It sheds light upon six common problems. tax misconceptions.

Myth: Since I lost a lot of money in the stock market last year, I will not owe income taxes.

Fact: The annual cap on capital losses that can be deducted from ordinary income is $3,000 These dividends can be reinvested or received as dividends. They are still income, and therefore are subject to tax.

Myth: Since I’m filing an Extension this Year, I don’t have to Pay Anything Yet.

Fact: Extendions to tax filings only increase the time you have before you file and not the amount of taxes you must pay. No matter what extension date you choose, if you owe money, you still have to pay it by April 15. Otherwise, penalties and interest begin to mount up.

Myth: Income earned outside the United States is not subject to tax.

Fact: The operative term is “income,”This means that it is taxable. The IRS requires all earned income to be reported by taxpayers, even if it was earned in another country.

Myth: They paid me cash so I don’t have to report it.

Fact: Income must be reported if it’s cash, tips or dividends. Income is always reported, regardless of whether it is cash, tips, or dividends.

Myth: I’m too young for taxes.

Fact: Even dependents who work part time while attending high school must file taxes if their income exceeds $6,100 in 2013. If they wish to receive their refund, or if the tax return is not required.

Myth: Tax preparers fill out only forms you can complete yourself.

Fact: Paid preparers have a deep understanding of the complicated (and always changing) tax laws and regulations. They can help you to save money and make your life easier. America’s tax experts, the enroll agents, receive continuing education each year to ensure they are up-to-date on tax laws and how these can be applied to them. They can represent you before the IRS, as well as in tax planning and tax preparation.

Locate an enrolled agent near you on the “Find an EA”Directory www.naea.org.