Tax season is already upon us. Many of us have already seen a tax preparer or have prepared 2016 taxes using software.
And while we wait for this year’s refund, we map out all of our purchases.
But stop and think, does your tax return honestly reflect your financial situation last year?
For some of you that might be a quick yes. But, no matter which side of the fence you are on, the objective truth is that the burden of proof is always on the taxpayer.
You’re probably thinking, Dez what’s your point, I already know all of this stuff…
But do you?
If you do, then you are also acutely aware that it is illegal to blatantly lie on your tax return. It is also illegal to not knowingly lie on your tax return because according to the IRC’s publication on general fraud, negligence is not a legitimate excuse.
You also know that convicted offenders lose their statute of limitations and can become indebted indefinitely to the IRS.This means the IRS can go back and review tax returns wherever they suspect fraud.
You will lose credits like EIC, be charged penalties, incur fees, and even possibly receive jail time. That debt can lead to the garnishment of wages, seize and liquidation of assets, freezes and holds on accounts, and many more life lasting problems.
“ignorance is bliss.”
But I tell you that to tell you this. My father often says,
“Not all money is good money.”
And there’s a lot of truth to that. Because as easy as it is to lie on your tax return, telling the truth takes much more courage and integrity. So, I want you to think about that the next time you look to claim those charitable contributions on your schedule A.
About the Author:
Dezmone Hooks is an Entrepreneur, a Writer, and a business tax and financial consultant.
Dezmone works with Hooks Financial Services a team that focuses on the tax filing for families, entrepreneurs and small business with the objective to promote their growth and success.
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