EP33: Why Do Celebrities Have Tax Problems?
Manage episode 339561037 series 2989229
Why do so many celebrities have tax problems?
On a podcast, Steve Harvey recently made a tell-all about how he owed the Internal Revenue Service a whopping $22 million. The comedian, author, and Miss Universe Pageant host shared his harrowing experience and how he worked out a payment arrangement with the IRS.
Steve is one of the many celebrities the agency loves to go after. The IRS wants to make a point that they're not giving breaks to people in the public eye and are impartial to the rich and famous.
Since most of those in the entertainment industry have a highly variable income, they can make more in a year than they did the previous year. They could have good stretches or bad stretches. So from a tax perspective, it's easy to see why many celebrities have tax problems. They live an extravagant lifestyle, and then their income changes.
This can be avoided by taking necessary precautions. If you're in the public eye – an actor, influencer, or professional athlete – it's crucial to handle your tax situation. Properly pay your estimated taxes; if you owe the IRS, proactively reach out to them to work out an arrangement.
Talk to us at JLD Tax Resolution Group and allow us to help you solve complex tax problems with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
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