Tax Evasion Lawyers in Ruidoso
Tax Evasion in New Mexico is a criminal act in which someone deliberately fails to pay their taxes.
Most often, people who try to evade their taxes in Ruidoso, New Mexico will take steps to conceal their assets and income, or transferring their property to other legal entities in a fraudulent manner.
"Tax evasion" should not be confused with "tax avoidance." Tax evasion is the act of deliberately attempting to get out of one's tax liability through illegal means. Tax avoidance is perfectly legal, and involves using legal strategies (such as taking advantage of deductions and tax credits) to reduce one's legal tax liability. However, someone engaging in tax avoidance typically intends to pay whatever they end up owing, even as they try to reduce the amount they owe.
Penalties for Tax Evasion in Ruidoso, New Mexico
The federal government and the laws of New Mexico impose severe penalties for tax evasion - treating it as an extremely serious crime.
In Ruidoso, tax evasion can result in anything from a relatively small fine, and a court order to pay any back taxes as well as interest, all the way up to financial penalties in the hundreds of thousands of dollars, as well as jail time.
Most often, tax evasion - if it's a first offense and the tax liability is small - will not be cause for huge fines or imprisonment. This is especially true if the prosecution can't definitively prove that that the defendant's failure to pay taxes was deliberate, as opposed to an honest mistake.
However, if the relevant tax authorities are able to demonstrate that a taxpayer in Ruidoso, New Mexico committed deliberate fraud, in order to evade their legal duty to pay taxes, a tax court is probably going to impose a more severe penalty, which may include jail time, and large financial penalties.
A Ruidoso, New Mexico Tax Evasion Lawyer Can Help
Attorneys in Ruidoso, New Mexico who practice tax law can help you stay in compliance with your tax obligations. This is a good way to ensure that you won't be suspected of tax evasion in the first place.
If the government actually charges you with tax evasion, it cannot be stressed enough that you need the assistance of a good Ruidoso, New Mexico tax attorney. Assuming you're actually innocent, your tax lawyer can help you prepare a defense, and ensure that you have a good chance of being found not guilty. On top of that, they can make getting through such a difficult time much easier.