High Earners: Beware of These Illegal Schemes to Lower Taxes

The IRS says high-income filers are targets for several illegal tax schemes that promise tax benefits.

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The IRS is warning wealthy taxpayers of illegal tax strategies pushed by scammers and dishonest promoters. High earners are told these strategies will reduce their taxable income, but following through with the schemes could land taxpayers in big tax trouble. 

The illegal tax strategies could “leave victims with civil or criminal tax penalties,” said IRS Commissioner Danny Werfel said in a release about the scams.

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Katelyn Washington
Former Tax Writer

Katelyn has more than 6 years of experience working in tax and finance. While she specialized in tax content while working at Kiplinger from 2023 to 2024, Katelyn has also written for digital publications on topics including insurance, retirement, and financial planning and had financial advice commissioned by national print publications. She believes knowledge is the key to success and enjoys providing content that educates and informs.