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Saturday, August 16, 2008

Failing to file returns in the United States

by taxnick on August 16, 2008

According to some estimates, about three percent of taxpayers do not file tax returns at all. In the case of U.S. Federal income taxes, civil penalties for willful failure to timely file returns and willful failure to timely pay taxes are based on the amount of tax due; thus, if no tax is owed, no [...]

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Tax Avoidence and Tax Evasion

by taxnick on August 16, 2008

Tax avoidance is the legal utilization of the tax regime to one’s own advantage, in order to reduce the amount of tax that is payable by means that are within the law. By contrast tax evasion is the general term for efforts to not pay taxes by illegal means. The term tax mitigation is a [...]

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