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Potential Tax and Money Habits that Make for a CrimeAll of us have different tax and money habits.While some people are very careful with the money they spend, others will choose to act differently when it comes to their finances. You may try your best to be a fair and honest person in order to avoid committing tax or loan fraud. After all, who would like to deal with the legal consequences of such a crime? Still, it's not impossible to commit a crime unknowingly, even if it sounds absurd. On top of that, there are also people that do something small, thinking they are not going to get caught. But here are some habits that make for a crime and that you should avoid. Using Someone Else's Credit CardAlthough it doesn't sound like such a big deal, this is something you should be very careful with.Many people end up using the credit card of a family member or a friend. It can be very convenient if you need some money or want to go shopping and you don't have your own card or money. Doing so is actually illegal, whether we're talking about using it to withdraw money from an ATM or using it for shopping. Now, of course, if you've already done this, you are well aware that the transaction goes through without issues. But the problem is that the bank rules state that the card should only be used by the person who owns it, more specifically the one whose name is on the card. This rule is meant to ensure security. This is why it's best to stop using someone else's credit card, even if you have their permission to do so. Lying on Loan FormsPeople want to have the highest chances of obtaining a loan.It makes sense when you're in urgent need of money and don't want to risk getting rejected. But it's completely illegal to lie on the loan form. A lot of people end up making forged copies of their payslips or writing incorrect details on the loan forms, trying to make sure they obtain the loan. If you get discovered, though, you're going to get into trouble. Not only will you have your loan rejected, but you'll also be at risk of being taken to court. The bank has every right to do so. Unless you want to find yourself needing help from a criminal defense lawyer, it's best to refrain from lying. Faking Tax Return DocumentsSome people resort to faking the documents related to their tax return, suppressing income, or claiming wrong deductions.Nobody likes dealing with taxes, but it's much better than committing something illegal. All it takes is for the tax office to find out what you did, and you will be penalized and prosecuted. There is an Income Tax Act that gives them the right to prosecute or penalize you based on how severe the crime is. Making Fake Insurance ClaimsReceiving money is great, and let's be honest, nobody would say "no" to a huge amount of money.When any damages are done to your property, you'll definitely want to make an insurance claim. However, some people go overboard and inflate the number of damages, so they have the opportunity to claim a much higher sum of money from the insurer. People who do this know it's illegal, but they do so in the hopes that they won't get caught. The first thing that happens if the insurer discovers is that you'll have your insurance policy canceled. Thus, you'll not receive any amount of money to cover the damages. On top of that, they also have the right to take action against you in court, which takes things one step further. Issuing Cheques without MoneyAnother illegal habit is issuing a cheque without having the funds for it in your bank account.Of course, this shouldn't happen, especially if you don't want to deal with the consequences. This type of habit can lead to penalties and it can even end up with you getting imprisoned. Final ThoughtsIt goes without saying that it's best to get rid of bad money habits that are illegal.You may get some extra money now, but you'll pay for it later. You might be penalized or taken to court, and in some instances even imprisoned. More Articles: What Should You Know About Motorcycle Taxes? How to Claim Your Pet on Your Taxes Weirdest Taxes People Pay Throughout the World How To File Taxes As A Forex Trader How Do I Form and Incorporate A Company In Canada? Critical Illness Cover 5 cardinal rules of trading the CFD market The Pros and Cons of Online Instalments Loans Things to Know for Divorcing Couples Who Owe Back Taxes Everything to Know about Taxes on Foreign Real Estate Employment Income Taxes Worldwide Taxes - What's Legal and What's a Crime Weirdest Types of Taxable Income in the World Potential Tax and Money Habits that Make for a Crime |
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