Tax Evasion

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Definition of 'Tax Evasion'

Tax evasion is the illegal practice of not paying taxes or paying less than the amount due. It can be done by individuals, businesses, or other entities. Tax evasion is a serious crime and can result in fines, imprisonment, or both.

There are many ways to evade taxes. Some common methods include:

* Underreporting income
* Overstating deductions
* Claiming false or fraudulent tax credits or deductions
* Filing false tax returns
* Failing to file tax returns

Tax evasion is a serious problem that costs the government billions of dollars each year. It also puts honest taxpayers at a disadvantage. If you are caught evading taxes, you could face serious consequences.

If you are struggling to pay your taxes, there are many resources available to help you. You can contact the IRS for help with filing your taxes or getting a payment plan. You can also apply for tax credits or deductions that you may be eligible for.

Tax evasion is a crime that can have serious consequences. If you are considering evading taxes, you should reconsider. There are many resources available to help you pay your taxes, and the potential penalties for tax evasion are not worth the risk.

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