Cheating. It’s a morality question we talk about with our kids, our work colleagues, and even with ourselves. It is OK to cheat. In a recent poll, 10% of Americans say it’s OK to cheat here and there on your taxes and the number of people that say it’s OK to cheat is up 3.5% versus one year ago. In fact, in a Credit Karma survey that interviewed 2,000 people, only 6% of the people actually confessed to the fact that they have cheated on their taxes in the past. So, what’s the number one reason that people cheat on their taxes? Let’s talk first about what cheating really means. There is a big difference between tax avoidance and tax evasion. Tax avoidance is perfectly legal. These are strategies such as using your 401(k), tax deductible IRA’s, pension plans, health savings accounts, and many other legitimate legal tax strategies that you can use under the current tax code. Tax evasion ...
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