Beware of 2012 Tax Scams

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Misuse of Trusts

A common fraudulent scheme is for promoters to urge taxpayers to transfer assets into trusts. Some highly questionable transactions promise reduction of income subject to tax, deductions for personal expenses, and reduced estate or gift taxes. Taxpayers should seek the advice of a trusted professional before entering a trust arrangement.

(Photo: Charlotte Observer/MCT/Landov)

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