As tax season moves into high gear, thoughts turn toward how to improve tax efficiency.
There are a number of legal ways to reduce what you owe in taxes, thanks to deductions and credits. If you think about your expenses, and re-examine your position, it is quite likely that you will find a few commonly overlooked deductions and credits that you missed.
Additionally, with a little thought, it is even possible to reduce your tax liability for the previous year — even though a new year is under way.
However, there is a very real difference between employing legal and properly documented tax breaks to reduce what you owe, and evading taxes in order to avoid paying what you are bound to pay by law.
Tax evasion is a serious matter, and you need to be careful to avoid engaging in it.
What is Tax Evasion?
[Read more…] about What is Tax Evasion and How Could it Affect You
