The tax code is complicated and changes frequently, so even if you think you understand it one year, the rules may be different the next.

Through the years, these changes and misunderstandings have morphed into myths; and these myths can cost you money. They may even lead to an audit. Here are four of the most common tax myths as explained by MSN® Money.

Myth: Students are exempt. Unfortunately, living on cafeteria pizza and study sessions does not qualify students for any special tax status. They can take advantage of certain tax credits like the Hope Credit and the Lifetime Learning Credit, but a student's earnings are taxable just like anyone else.

Myth: Working children cannot be claimed as dependents. Good news, if you provide more than half of the child's support, you can claim him or her as a dependent.

Myth: Sales tax is deductible. For most of us, sales tax has not been a valid deduction since 1986, but for purchases made in the course of business, the rule is if the item itself is deductible, the sales tax would be deductible as well.

Myth: Married people have to file a joint return. If you are married, you can file "Married Filing Separately." This usually results in having to pay more taxes. In some cases, however, it can be advantageous. For example, if one spouse has significant medical expenses.

Avoid getting caught in these myths or the many other pitfalls of the tax code by seeking the advice of a qualified professional.

Goran Jovanovic

YOUR World Class Realty Team

Direct: 954-243-7570

www.goranflorida.com