Working citizens in the U.S. are expected to pay their taxes every year, and individuals who choose to avoid paying the correct amount or do not pay at all may face criminal charges. The system is designed to spread taxes out among the populace based on ability to pay, but some people may find their tax burden too difficult to handle. Responsible individuals typically seek financial advice or legal assistance, and others may look to ease the burden in an unlawful manner.
Persons who take advantage of the system to pay lower taxes than they should may face federal tax avoidance charges. Tax avoidance can take many forms, including under-reporting income, assets, and liabilities to the federal government. People who look to avoid paying taxes may try to hide assets such as homes and property under different names or other methods. They may also seek to avoid paying capital gains taxes after the sale of property.
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Individuals looking to avoid paying the required amount of taxes may attempt to report less income than they truly make. They may report only a fraction of the money they truly brought in over the year, or may hide tips and contract work that typically does not show up on their yearly W-2 earnings statement.
A person accused of tax evasion is typically an individual who has failed to pay taxes altogether. Irresponsible individuals may claim to have "forgotten" or "missed the deadline", while others intentionally refuse to pay their taxes even though it is required by law. Such refusals are sometimes based on objections to U.S. tax law, questions regarding the legality of taxation, and other social and political beliefs, but regardless of your opinion on taxation, evasion still constitutes a crime.
Tax avoidance and tax evasion may be pursued by the Internal Revenue Service, and individuals accused of such crimes may be forced to pay the tax debts plus additional fines and penalties. In severe cases, the person may be forced to spend time in jail for the crime. It is important to understand the ramifications for tax avoidance and evasion and consider alternatives if you are facing serious financial struggles.
For individuals having difficulty paying their bills and maintaining responsibility for their lines of credit, bankruptcy may be the best option to help relieve a serious financial burden. If you would like to know more about bankruptcy and your legal options, visit the website of the Austin bankruptcy lawyers Slater Kennon & Jameson, LLP.
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