The federal tax deadline is just around the corner and millions of Americans are scurrying to file their returns. Celebrities, of course, must pay taxes too, but some have let previous tax deadlines come and go without paying what they owe. From Lindsay Lohan and Pamela Anderson to Ozzy Osbourne and Wesley Snipes, some celebrities have faced some serious tax problems.
So how can celebrities avoid finding themselves on the wrong side of the IRS?
“Celebrities should be sure they know what their accountant is reporting on their tax returns, including every deduction or credit listed on the return ... because they are ultimately responsible for paying their own taxes,” Nick Rizzi, the founder and CEO of Smart Tax, told The Huffington Post.
Additionally, “Celebrities must outsource financial matters and their taxes to people who have their complete financial well-being in mind and are fully aware of the exact laws and deadlines, and not to friends or other personal relationships,” Rizzi said.
And like the rest of us, they simply need to plan ahead.
"The best way for a celebrity to make sure that they pay all of their taxes this year is to make estimated tax payment four times using form 1040 ES,” said Joshua S. Barger, vice president of tax services for Foundation Financial Group. “This will allow them to spread out the amount they will have to pay for contracted/self-employed work over the course of the year in less amounts rather than come up with the full balance when they file the next year."
Who are these celebrity scofflaws? Check out the slideshow below:
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