Tax Expert Explains How Tax Fraud Actually Works

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Tax fraud involves intentionally falsifying information on tax returns or evading taxes through deliberate deception, such as lying or keeping dual records. It differs from tax negligence, which stems from careless errors without intent to deceive, leading to milder penalties like a 20% fine. Severe consequences for fraud include hefty fines, imprisonment, and restitution.

In this video, Karlton Dennis breaks down exactly how tax fraud works, and all of the key information taxpayers need to know about it. This includes five different types of tax fraud. He goes into detail about each of these types of tax fraud, as well as how taxpayers can avoid accidentally committing tax fraud.

Most people do not deliberately try to participate in tax fraud. However, the last thing anyone wants is to accidentally commit tax fraud. Understanding how tax fraud works and what the main types of tax fraud are can help to give people a better understanding of what to avoid to avoid accidental tax fraud.

CHAPTERS:
0:00 Intro
0:16 What is Tax Fraud?
0:56 Tax Fraud Vs. Tax Negligence
1:56 What Are the Most Common Types of Tax Fraud?
2:08 Mistake #1 - Underreporting Income
2:32 Mistake #2 - Falsely Claiming or Exaggerating Tax Credits or Deductions
3:42 Mistake #3 - Hiding Assets Offshore
4:42 Mistake #4 - Filing False Returns
5:46 Mistake #5 - Employment Tax Fraud
6:46 How to Avoid Tax Fraud
7:10 Work with a Tax Professional to Prepare Your Taxes
7:48 Work with a Tax Strategy Firm to Implement Advanced Tax Strategies
8:21 Be Extremely Careful with Any Offshore Bank Accounts
8:56 Outro

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#taxfraud #irsaudit #paylesstaxes