Beware Tax Scams

By |2018-03-12T00:09:28+00:00March 1st, 2016|Taxes|

Tax Scams: IRS Dirty Dozen

It is tax time and with it will come many offers to lower your taxes and in some situations to avoid them altogether. These helpful hints can usually be grouped together under one heading:

Scams.

Tax scams are prevalent throughout the internet, here are a few that are so obvious that to follow them as advice will clearly endanger your physical freedom.

Many people have used the defense of “not in the constitution” to stop paying taxes. Schemes abound that offer help in reducing or stopping paying taxes. The biggest offender in years was in Washington State, their plan was to use the US Constitution to declare the IRS illegal and thus no taxes would need to be paid. Of course it didn’t work and the results were 400 people nearly went to prison (3 did) and were faced with stiff fines and penalties. Promotors are everywhere, don’t believe them.

Tax Shelters can be perfectly legal; congress does allow the existence of them IF it helps the overall populace. Offering tax incentives for Solar Energy was one that has worked well. Other than a few, the rest can be phony and allow predators to make their move.

The truth about taxes is simple, taxes need to be paid. BUT only pay what you owe, Congress and the tax code allow for many expenses (mortgages, charity, medical etc) to be deducted. If your tax bill seems to high, get a second opinion from a licensed tax professional.

When it comes to taxes the most important rule is this:

If it sounds too good to be true, it is”

 

The IRS publishes their top 12 Dirty Dozen Tax Scams annually, here is the link.

https://www.irs.gov/uac/Newsroom/IRS-Completes-the-Dirty-Dozen-Tax-Scams-for-2015

 

 

About the Author:

Bill Broich
Bill Broich is a well-known annuity expert with over 30 years of experience. He has written hundreds of articles on annuities and other financial topics, and has been a featured commentator on TV, Radio and the Internet. To follow Bill's profile, click here.