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And yet somehow in the age of Trump, this is now not news. CPA here, and just want to point Top Charlie Brown For President Shirt. Out the semantics – tax “avoidance” is legal, tax “evasion” is not. What’s the diff. He needs to be in jail already. I would not be surprised to find out that he has a negative net worth. He is so far in debt and so leveraged that it made his skin turn orange. Amite, skin thing made me laugh. Can someone explain this statement by the NYT to me regarding Trump’s tax returns. It means that he was required to pay a minimum amount that the IRS thought he might owe, during the course of the extension.
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Each time, he requested an extension to file his 1040; and each time, he made the required Top Charlie Brown For President Shirts payment to the I.R.S. for income taxes he might owe million for 2016 and million for 2017. But virtually all of that liability was washed away when he eventually filed. And most of the payments were rolled forward to cover potential taxes in future years. Avoidance means you take advantage of legal if dubious means to reduce your tax burden. Evasion is not paying what you owe either by hiding true income or just flat out not paying.
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