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'Dirty Dozen' Tax Scams for 2012

12. Misuse of Trusts

Deceitful promoters will encourage taxpayers to transfer assets into trusts. While there are legitimate uses of trusts in tax and estate planning, some highly questionable transactions promise reduction of income subject to tax, deductions for personal expenses and reduced estate or gift taxes, as reported by the IRS. Such trusts rarely deliver the tax benefits promised and are used primarily as a means of avoiding income tax liability and hiding assets from creditors, including the IRS.

(iStock Photo)



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