Tax Evasion Lawyers in Truth Or Consequences

Tax Evasion in New Mexico is a criminal act in which someone purposely fails to pay their taxes.

Most commonly, people who try to evade their taxes in Truth Or Consequences, New Mexico will take steps to hide 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 purposely attempting to get out of one's tax liability through unlawful means. Tax avoidance is perfectly legal, and involves utilizing 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 Truth Or Consequences, New Mexico

The federal government and the laws of New Mexico impose grave penalties for tax evasion - treating it as an extremely serious crime.

In Truth Or Consequences, tax evasion can result in anything from a comparatively 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.

In the majority of tax evasion cases, however, the punishments are not so severe. This is particularly likely in first offenses, when the amount of money involved is fairly small. Minor punishments for tax evasion usually mean a small fine, on top of an order to pay whatever taxes the taxpayer owes. A minor punishment is most likely when the government has trouble proving that fraud was involved, as opposed to an honest accounting error.

On the other hand, if the prosecution can show that a Truth Or Consequences, New Mexico taxpayer engaged in fraud, and knowingly failed to pay their taxes, a tax court will probably impose the most grave punishment that's authorized by law. This can easily involve jail time.

A Truth Or Consequences, New Mexico Tax Evasion Lawyer Can Help

A tax attorney in Truth Or Consequences, New Mexico can ensure that you meet your tax liabilities, which will make an audit, or charge of tax evasion, less likely. Sometimes, it's challenging to determine clearly what one's tax liability is, and a tax attorney can help.

In the unfortunate event that you're really charged with tax evasion, it's crucial that you hire a reliable tax attorney in Truth Or Consequences, New Mexico. If you are actually innocent, your tax attorney can help make sure that you have the best chance you can of being found not guilty.