When trying to avoid tax schemes there are some very important income tax questions people should be asking when contemplating any investments or opportunities presented to them. One of the most important things to consider with any kind of investment is the obligations of the tax payer for tax on that investment, and also making sure they comply with those tax obligations to avoid hefty penalties.
But tax schemes are not just prevalent with investments. They are also common through charities and sometimes it can take advantage of people who don’t know the rules, or don’t care to know them. There are certain procedures that need to be followed when donating money or items to a charity, the most important of which is making sure that charity is a designated registered charity by the government.
This is why it’s always a good idea to speak with someone who understands tax law and your best option is a tax lawyer. They can answer your income tax questions in order to avoid those tax schemes that may get you into trouble. Your accountant can also guide you in the right direction and with their experience they will also be able to answer all your income tax questions.
Watch this episode where tax lawyer Eldad Gerb will discuss income tax questions you should be asking in order to avoid tax schemes.
For more information on taxes, or if you’re looking for a tax lawyer contact:
Eldad Gerb, B.B.A., J.D.
Tax Lawyer / Devry Smith Frank LLP
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