Tax Evasion Lawyers in Prosper
In Texas, "tax evasion" is a crime that involves a deliberate failure to pay the taxes that the taxpayer legally owes.
There are a few strategies that tax evaders use in Prosper, Texas. One of the most common tactics is to make it appear that the taxpayer has less taxable income than they actually do. There are a wide number of ways to conceal income for the purpose of evading one's tax liability, but all of them are illegal.
"Tax evasion" should not be confused with "tax avoidance." Tax evasion is the act of knowingly attempting to get out of one's tax liability through illegal 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 Prosper, Texas
The federal government and the laws of Texas impose grave penalties for tax evasion - treating it as an extremely serious crime.
Punishments for evading one's taxes in Prosper range from paying back taxes plus interest (a relatively mild punishment) all the way up to years in prison, and penalties in the hundreds of thousands of dollars.
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 particularly true if the prosecution can't definitively prove that that the defendant's failure to pay taxes was intentional, as opposed to an honest mistake.
However, if it can be clearly proven that a person or corporation in Prosper, Texas knowingly attempted to conceal income or assets for the purpose of getting out of taxes, a court will probably throw the book at them, so to speak. This can mean jail sentences measured in years, and fines in the six or seven figures.
A Prosper, Texas Tax Evasion Lawyer Can Help
Tax lawyers in Prosper, Texas can help anyone from an individual to a big business pay their taxes more quickly, and adhere with federal and local tax laws.
Of course, if you've actually been accused of tax evasion, you should contact a Prosper, Texas tax lawyer immediately. If you are innocent, a tax attorney will make sure you have the best chance possible at being acquitted.