Tax evasion and tax avoidance are too distinctly different things. Avoiding taxes is simply the practice of taking advantage of as many legitimate deductions and tax credits as you can in order to lower your tax liability. Evasion is the criminal act of not paying taxes that you owe. The Internal Revenue Service has more than 300 agents dedicated to the investigating and penalizing of taxpayers who attempt income tax evasion. The Internal Revenue Service audits taxpayers at random every year, but most audits are due to unusual activities when it comes to filing income tax returns. Certain actions will trigger an Internal Revenue Service audit such as, too many deductions in proportion to earnings, and too little income claimed by a person with a lot of assets.
Singing the Blues: So now you know the IRS can legally send you to jail for not filing.Have you neglected to file your taxes? You may be on the fast track to suffering Wesley Snipe's fate. But don't worry, it's not too to find a solution for your Tax Debt.
The Crime: Not reporting your income is a crime. There are a lot of freelance workers that think they can hide their money in offshore accounts like Helio Castroneves did. You can move your income to any bank you want. But you better report that money to the IRS if you want to stay out of jail and avoid extravagant fines.
Avoid the Scams: Wesley Snipe's defense is that he was the victim of crooked advisers. He was given bad advice and acted on it. Many others have been made victims of so-called tax "professionals" that were really scammers in disguise. Make sure to do your research and hire only legitimate tax professionals. Be very careful of what advice you follow and only hire professionals that you can trust.
Too Late? So what should you do if you've failed to file your taxes or report income for the past couple of years? You need to know that the IRS is really cracking down on people who are evading taxes this year. They are even making examples out of famous people like
You may not be deliberately doing it, but inadvertently you may miss out on your tax obligations. IRS may treat it as a tax evasion. The penalties for tax evasion are very harsh. If you are caught in such a situation, what to do? Chintamani Abhyankar explains in detail.
Singing the Blues: So now you know the IRS can legally send you to jail for not filing.Have you neglected to file your taxes? You may be on the fast track to suffering Wesley Snipe's fate. But don't worry, it's not too to find a solution for your Tax Debt.
The Crime: Not reporting your income is a crime. There are a lot of freelance workers that think they can hide their money in offshore accounts like Helio Castroneves did. You can move your income to any bank you want. But you better report that money to the IRS if you want to stay out of jail and avoid extravagant fines.
Avoid the Scams: Wesley Snipe's defense is that he was the victim of crooked advisers. He was given bad advice and acted on it. Many others have been made victims of so-called tax "professionals" that were really scammers in disguise. Make sure to do your research and hire only legitimate tax professionals. Be very careful of what advice you follow and only hire professionals that you can trust.
Too Late? So what should you do if you've failed to file your taxes or report income for the past couple of years? You need to know that the IRS is really cracking down on people who are evading taxes this year. They are even making examples out of famous people like
You may not be deliberately doing it, but inadvertently you may miss out on your tax obligations. IRS may treat it as a tax evasion. The penalties for tax evasion are very harsh. If you are caught in such a situation, what to do? Chintamani Abhyankar explains in detail.
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