Last week I wrote about what bills you should pay first, and taxes were near the top of the list. Uncle Sam wants his money, and as much as we hate giving it to him, it is important to not only pay your taxes, but to pay the right amount. The latest edition of On Wall Street magazine published some IRS statistics that illustrate why it is a good idea to keep up with your taxes.
IRS Criminal Investigations for Fiscal Year 2007
- Investigations Initiated: 3,204
- Prosecution Recommendations: 2,107
- Information/Indictments: 1,818
- Total Convictions: 1,620
- Total Sentenced: 1,592
- Percentage Sent to Prison: 80.4%
- Average Months to Serve: 41
So, there you have it. If your taxes are simple, just make sure you pay them. If you have more complicated tax issues or own a business, it can pay to hire someone to help make sure you’re doing them right. It doesn’t pay to try and cheat the system.
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About the Author: Jeremy Vohwinkle is a Chartered Retirement Planning Counselor® and spent a few years working as a financial planner. Today, he helps people make the most of their money by writing about personal finance here and elsewhere on the web. Jeremy is also Coach at Adaptu and a regular contributor for other publications such as Intuit, and American Express. Be sure to follow Jeremy on Twitter or Google+.