Tax Evasion vs. Tax Avoidance: Definitions, Differences and Prison Time

Tax evasion means concealing income or information from tax authorities. Tax avoidance means legally reducing your taxable income. Read more.

Tax evasion means concealing income or information from tax authorities — and it’s illegal. Tax avoidance means legally reducing your taxable income. Tax avoidance and tax evasion are two very different things with different definitions and different consequences. What is tax evasion? Tax evasion is the use of illegal methods of concealing income or information from … Read more