(Black Enterprise) — “Liar, liar, pants on fire!” is more than just a schoolyard taunt. When it comes to your finances, lying could burn you in just about every area of your life. So stop taking cues from our friend Pinocchio here and start telling the truth. Here are five financial lies that will really get you in trouble.
1) Lying to the IRS. Lying on your taxes is a felony that could result in jail time of up to three years. Individuals face fines of up to $250,000 and corporations face up to $500,000. In addition, you could be slapped with the costs related to your prosecution. Uncle Sam says don’t do it. Trust us, he’ll get you.
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