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Kanye West Says He Owes The IRS $50M — 'They Were Trying To Put Me In Prison This Morning'

Kanye West is still making headlines, and not for good reason. On a recent podcast episode, West says he could have gone to prison for owing $50 million to the IRS.

Samantha Dorisca

Nov 29, 2022

Michael Jordan Is The Reason Athletes Have To Pay A Special Tax In Almost Every State — Here's Why

Today’s basketball style is faster and less physical than those in the 1980s and 1990s. There is also an influx of three-point scoring and attempts, which can be credited to the talent and prowess of four-time NBA champion Steph Curry. But before the world had discussions about Curry being a vital part of the current NBA style, Michael Jordan was the man everyone talked about as the game-changing phenom. No matter where you land on the sports GOAT conversation, you’d be hard-pressed to find anyone who would deny Michael Jordan’s impact on the game of basketball. The billionaire athlete averaged 30.1 points, 6.2 rebounds, and 5.3 assists throughout his career. Jordan is a former Rookie of the Year recipient, five-time league MVP, and six-time NBA Finals winner. However, Jordan’s first NBA championship win against the Los Angeles Lakers in 1991 started what the world now knows as the Jock Tax.

Josh Rodgers

Oct 25, 2022

These 10 Celebrities Had IRS Issues — Here's How It Worked Out For Them

IRS issues are actually a lot more common than you think. According to Jackson Hewitt, statistics show that people are more likely than not to run afoul of the taxman. Each year, nearly 30 million taxpayers will receive some sort of penalty from the IRS for failing to file their taxes correctly. As of 2019, more than 20 million people owe taxes to the IRS but cannot pay them. And millions of people, each year, either under-report their taxes or make a math error on their taxes — which, of course, results in more penalties and fees. If there’s one thing the IRS is going to do, it’s get the money that you owe them! In this regard, too, celebrities are just like us when it comes to IRS issues. We’ve all heard at least one story of one celebrity who has been slapped with a gobsmackingly large tax bill. And while many of these issues can be resolved with a good attorney and a reasonable proposal to the omnipresent government agency, it can still be distressing when a tax lien comes to...

Could Kyle Kuzma's Recent Tweets About Elon Musk's $11B Tax Bill Serve As A Lesson For Us All?

Kyle Kuzma is in hot water. The NBA superstar took up for billionaire Elon Musk in a recent tweet, a tweet that seemingly mocks people who claim that the Tesla capo doesn’t pay his fair share of taxes. “ThE rIcH DoNt PaY tAxEs” — kuz (@kylekuzma) December 29, 2021 This tweet also hits hard when you consider that, according to ProPublica (via Complex), the super-rich like Musk, Jeff Bezos, and Bill Gates have avoided paying their fair share of taxes for years . What’s more, Musk — who has nothing if not a problematic history with his Black workforce —  has only paid about 3.27 percent of his annual income in taxes since 2014. That’s far from “his fair share.” And, comparatively speaking, Kyle Kuzma misspoke when he mocked people’s complaints about the subject. “I know your teachers used to hand you your tests back face-down,” wrote one commenter. “ Rich people like Elon really have fooled nerds on Twitter defending them paying no taxes,” wrote another. And, it...

How to Prepare Now for the 2021 Tax Season

Don’t let tax time sneak up on you. Planning now can save you from making errors that could keep you from receiving the full refund to which you’re entitled. Or you might accidentally pay less than you owe and have to pay a penalty and interest on the unpaid balance. Whether you’ll need to complete an individual or a business tax return, here’s what you can do now to get a jump-start on your 2021 tax return: Filing an Individual Return Start by pulling together receipts for any items you plan to list as itemized deductions and gather your dependents’ information, such as their childcare expenses, as well as any child support payments you may have received. Put all these documents in a single secure place, so you have them when you get ready to file. You’ll also want to determine which tax preparation method you’ll use. If you need a third-party preparer, shop around now. At the start of the year, gather all the documents you’ll receive from third-parties, such as: Income statements,...


Dec 7, 2020

How to Prepare Your Small Business for Tax Season

As the calendar year ends and business tax season looms, entrepreneurs must start gathering documents and calculating their income, expenses and deductions to determine how much the IRS expects them to pay in taxes by the April deadline. A small business tax preparation checklist could help ease the process. Whether you’re getting ready for your first business tax season or you’re an experienced veteran, continue reading to brush up on what you need to prepare. When is business tax season? Small business tax preparation checklist Steps to take next tax year When is business tax season? Personal tax returns are due in April every year, and springtime is often thought of as tax season, especially for pass-through entities, which we’ll discuss in greater detail, below. But business owners may need to pay taxes throughout the year. Because business owners don’t have an employer who withholds tax from their earnings, they typically make quarterly estimated tax payments.   Self-employed...

Lending Tree

Jan 3, 2020

Remember That Provision That Didn't Let The Government Offer Free Tax Filing Software? It's Dead Now

Filing taxes can be a major pain, especially with many services charging hundreds of dollars. You might be wondering why the Internal Revenue Service doesn’t just make their own program to help, but it’s complicated. In 2002, the IRS made an agreement with tax software companies — like H&R Block and TurboTax — known as the Free File Program . This agreement let Americans making under $66,000 per year access tax software companies’ systems for free. However, the IRS agreed to not make its own competing software. A controversial provision to the Taxpayer First Act would’ve made that agreement permanent by making it illegal for the IRS to develop their own software . Now, it seems that won’t be a part of the bill, according to Gizmodo . It’s not hard to see why the tax industry would want to ban the IRS from creating its own free, online system. Nobody is going to dish out hundreds of dollars to a third-party if you can file directly through the government. Although this decision...

Vanessa Taylor

Jun 10, 2019