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Being dishonest about income can carry major consequences

Income can be a very sensitive subject for a person. There are a variety of reasons why a person might not want others to know how little, or how much, they make, including embarrassment. This may leave a person tempted to tell lies when asked about their income.

Lying about income is not without its consequences. A recent article on Nasdaq's website went over some of the serious repercussions such lies can have.

Now, when it comes to telling income-related lies, one thing that can have big impacts on what consequences a person could face is what context they told the lie in.

There are some contexts in which lying about income can have especially dire results. One is when giving income information to the Internal Revenue Service in relation to one's taxes. Being accused of intentionally misleading the IRS about their income could expose a person to many things, including the possibility of facing criminal charges for tax evasion.

So, however one feels about one's income level, exercising great care when making statements about one's income to the IRS can be critical. What one ends up saying in this regard can have real consequences.

Another situation in which exercising great care can be of the highest importance is when a person has been accused of being dishonest with the IRS when it comes to their income. Given that some such allegations could land a person in criminal proceedings, a lot can be impacted by how a person responds to such allegations. This includes a person's likelihood of facing prison time in relation to the accusations. So, trying to handle such a situation without solid help and guidance could put a great many things at risk for a person.

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