Nobody likes paying taxes, but there is a right way and a wrong way to reduce your tax burden. If you do it the wrong way, it’s called tax evasion, which can cost you big-time penalties and imprisonment.
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Editor’s Note: This post was originally published in August 2020 and has been updated for accuracy and comprehensiveness.
One of the easiest ways to get in trouble with the IRS is by committing tax evasion. Just the words - Tax Evasion - sound like they should be accompanied by those tonal beats from Law and Order.
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The IRS does far more than collect people's taxes and send out refunds to taxpayers each year. It also pursues people who fail to file returns and pay what they owe the government. You can avoid trouble with the IRS by learning about the monetary and legal penalties for tax evasion.
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The IRS expects business owners like you to file and pay your taxes each year. To help you avoid overpaying what you rightfully should owe, the IRS allows you to use loopholes to lower your tax burden.
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Most people generally accept the inevitability of paying taxes on their income each year. They view this annual requirement as a civic duty and something that should not be avoided. However, a smaller number of would-be taxpayers go out of their way, either legally or illegally, to avoid declaring their incomes and paying taxes on it. Cases of tax evasion and tax avoidance keep the IRS busy as it investigates people who purposely withhold money from the government. With that, you would be well advised to appreciate the differences between tax avoidance and tax evasion, as well as understand the possible penalties involved with both.
Despite having millions in the bank, celebrities are just like everyday taxpayers and sometimes experience their fair share of tax woes. These 10 celebrities are well-known for their work on the big screen or in concert as well as the fact that they were charged with tax evasion.
