Why tax evasion is such a big deal?

| Jan 24, 2020 | Tax Evasion

No one in Connecticut or elsewhere wants to have to pay more in taxes than he or she has to. People do not want to feel that they are the only ones paying their fair share, so they look for ways to minimize their tax obligations. Unfortunately, in doing so, some end up being accused of tax evasion. The consequences if one is convicted can be quite severe.

Why is tax evasion such a big deal? The government runs on taxes collected from the people. Every year, the Internal Revenue Service claims that due to tax evasion and errors, it receives around $458 billion less per year than it should. That is a lot of money that is needed to fund various government programs.

Those who are most likely to commit tax evasion are the wealthy or the self-employed. So Connecticut residents in these two groups need to be careful when they are filing their taxes. They are the ones who are most likely to get audited. They also need to be cautious with who they trust to help them with their taxes. Numerous people have been convicted on tax evasion charges for following poor tax advice.

Tax evasion is not the only reason some people end up paying less than they should in taxes. Some people make honest mistakes. Those in Connecticut who find themselves facing tax evasion charges can turn to legal counsel for assistance fighting the charges. Some may be able to prove that mistakes were made and be able to clear their names; others may not. With the right help, those facing tax evasion charges can do what is necessary to achieve the best outcomes possible.

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