28
Jan
Tax evasion and tax avoidance may sound similar, but they are very different. Understanding these differences can help us make informed financial decisions. Tax evasion involves illegal actions to avoid paying taxes. This could mean hiding income or not reporting certain earnings. On the other hand, tax avoidance uses legal methods to reduce tax liabilities. This might include using deductions or credits. An accountant in Carmel, NY, often helps people and businesses navigate these distinctions. Laws have been crafted to promote fairness and protect public resources. Penalties for tax evasion are severe, including fines and possible jail time. Tax avoidance, when…