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5 tax myths that can cost you money

We all think we know the parts of the tax code that affect us. But do we really? If you believe some of these myths, you could pay more tax than you should.

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Write-offs that scream 'Audit me!'

It's one thing to push the envelope, another to volunteer for the IRS audit list. Here are some of the most imaginative -- and most illegal -- deductions we've seen.

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10 big deductions too many people miss

If you don't know about a potential tax break, you won't take it, says MSN Money tax expert Jeff Schnepper. Here are the deductions that a lot of taxpayers seem to forget.

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Expert Advice

Cut your income tax bill © Steve Allen / Brand X Pictures / PictureQuestCut your tax bill now

Get the most out of itemizing.

Making tax shelters © Ingram Publishing / SuperStockTax shelters

Get the most out of tax shelters and other breaks for the not-so-rich.


Tax Preparation Tips © C.Sherburne / Photolink / Photodisc Red / Getty ImagesTax preparation tips

How to do your taxes, file for extensions and get that refund.

Avoiding a tax audit © CorbisAvoid a tax audit

Use these tips to stay under the IRS radar.

Tax Corner: Message Board

Jeff SchnepperTax Corner

Jeff Schnepper, tax attorney and author of "How to Pay Zero Taxes," answers reader questions. Post yours in the Tax Corner message board.

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