It is important to understand that tax planning will save you money, you don't have to commit a crime by trying your luck with Tax Evasion!
January 14, 2016 a South Dakota woman age 33 was convicted of Making and Subscribing a False Tax Return. She was sentenced to 5 years of probation, and ordered to pay a $100 special assessment to the Federal Crime Victims Fund and $14,792 in restitution to the Internal Revenue Service. She charged on September 17, 2015, and pleaded guilty on October 2, 2015.
The conviction stems from her falsely subscribing to her 2013 tax return by underreporting her income tax liability.
This is known as tax evasion and it is a crime. It is illegal to attempt to lower your tax liability by being deceitful and concealing your income or over reporting expenses.
It is imperative that you inform your tax provider of all income received, even if you have not formed a legally entity and have earned income outside of your W-2 employment. i.e if you decided to embezzle money from your company that money is taxable. You will need to include that as income on your tax return.
To legally reduce or eliminate your tax liability requires effective tax planning and evaluation. I will assist you with lowering your tax bill by structuring your transactions so that you reap the largest tax benefits.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.