Can you handle our question of the month?
What do....
Nicholas Cage...
Willie Nelson...
Chuck Berry...
Martha Stewart...
Wesley Snipes...
Al Capone...
...all have in common?
Option A: The six latest additions to our Facebook friends list.
Option B: Guilty of income tax evasion.
Option C: A golf team for a celebrity fundraising benefit.
Option A would be quite impressive and option C would be quite entertaining, but Option B is the correct answer. Most likely this is not surprising as the question of the month is written by an accounting and financial services firm!
Most of these celebrities simply paid the taxes they owed, with a hefty fine, while others spent time in jail. Excuses ranged from simply refusing to abide by tax law to being victims of crooked advisors.
It could be argued the IRS was targeting these celebrities. The reality is that they failed to take legitamate steps towards their tax planning and lower their tax burden.
The 2009 tax season is right around the corner and we encourage you to think about the numerous tax planning options available as the year comes to a close. We have over 30 years educating and assisting our clients in maximizing wealth.
Our tax and financial professionals are scheduling tax planning meetings at this time.
Please contact Mike Mesch at 319-339-4884 or email him at mmesch@tld-inc.com.