Tax evasion penalties motivate taxpayers to dutifully pay taxes every year. To learn more about the serious legal consequences of evading taxes, read on. RELATED: Can You Go To Prison For Not Paying Taxes? In this article: Civil Penalties for Fraudulent Failure to File Taxes Criminal Penalties for Fraudulent Failure to File and Pay Taxes Tax Fraud Penalties … [Read more...]
7 Business Risks For Failure To Pay For Sales Taxes
Regardless of the size of your business, you need to pay sales tax to avoid any of these potential risks. RELATED: What Qualifies As Deductible Business Expenses In this article: IRS Audit Interest Charges Additional Late Fees or Penalties Tax Law Confusion Legal Repercussions Limited Business Growth Potential Roadblocks Should You Consider to Sell … [Read more...]
6 Reasons Self-Employed And Independent Contractors Must File Back Tax Returns
Independent contractors and self-employed members of the workforce must consistently file their tax returns to avoid the following inconveniences and repercussions. RELATED: How To File Back Taxes In this article: Accumulation of Penalties and Interests Withheld Tax Refund Losing Tax Deductions Compromised Social Security Benefits Delayed Loan Approvals … [Read more...]
11 Tax Sins Not To Commit To Avoid Tax Fraud Charges
Learn about the different aspects of tax fraud and what actions can constitute tax evasion so you can stay in good standing with the IRS. RELATED: What Is Tax Evasion? Understanding Tax Evasion And How It Works In this article: Not Giving the Correct Figures for One’s Direct Income Not Providing and Correctly Reporting All Sources of Indirect Income Failure in … [Read more...]
The Differences Between Tax Avoidance and Tax Evasion
"Tax evasion" and "tax avoidance" may seem synonymous, but don't be fooled, they are actually quite different from one another. In this article: Let’s Take a Closer Look at Both What is Tax Avoidance? What is Tax Evasion? Tax Evasion and Tax Avoidance: What Are the Differences? Let's Take a Closer Look at Both The terms “tax avoidance” and “tax … [Read more...]