Financial Ignorance Is No Excuse
Q. What’s the difference between Tax Evasion and Tax Avoidance?
A. About 4 years!
BBC reports that the original Survivor winner was sentenced to 4 years for not paying tax on his $1 million winnings and some other earnings.
Richard Hatch claimed financial ignorance. Yeah, not paying taxes on money coz you didn’t think you had to or you forgot you earned it is a great excuse. Right behind that is the excuse that taxes are unconstitutional. Unfortunately, both of them land you in jail. Do not pass go, do not collect $200 and go straight to jail!
If he had taken the initiative to talk to a financial planner,he could’ve saved him some money by intelligent tax planning. Atleast he would’ve told him that he needed to pay tax on the money he made and saved him jail time!
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