Read more background and content in the original article posted at http://www.accountingweb.com/topic/tax/2009-recap-celebrities-tax-woes
Duane “Dog” Chapman, A&E reality show, Dog and the Bounty Hunter
Radio and TV host, Alexis Stewart, daughter of Martha Stewart
Survivor winner Richard Hatch
Actors Nicolas Cage and Val Kilmer
Miguel Ferrer (RoboCop) [6]
Chris Tucker [7]
Robin Givens [8]
Hip Hop group Blackeyed Peas
Singers Aaron Carter, Foxy Brown and Toni Braxton
Rappers Method Man, Nas and DMX
Race car driver Helio Castroneves
Pro golfer Jim Thorpe
Boxer Floyd Mayweather
Other sports figures: Ron Darling, Jerry Koosman, Darren McCarty, Julio Cesar Chavez, Michael Vick, and Diego Armando Maradona
Photographer Annie Liebovitz
Politicians Timothy Geithner, Tom Daschle, Nancy Killefer, Al Franken, John Kerry and California governor, Arnold Schwarzenegger.
Most of these people have the wherewithal to fight the IRS. You probably don't. That's why legitimate tax strategies - done right the first time - are so important. Be certain that you rely only on proven, legal tactics (not scams, not off-shore trusts) backed up by court cases and IRS regs.
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Sooner implementation will result in greater savings, so act now!
Showing posts with label minimize tax. Show all posts
Showing posts with label minimize tax. Show all posts
11/5/09
The worst states for taxes
The Tax Foundation in Washington, D.C., has released its annual State Business Tax Climate Index. Based upon 112 variables in five component indexes, the best rankings reward those states that more completely and consistently apply the following principles:
•Good state tax systems levy low, flat rates on the broadest bases possible, and
•they treat all taxpayers the same. Variation in the tax treatment of different industries favors one economic activity or decision over another.
•The more riddled a tax system is with politically-motivated preferences the less likely it is that business decisions will be made in response to market forces.
The ten worst states (from least worst to ultimate worst) are: Vermont (#41),
Wisconsin, Minnesota, Rhode Island, Maryland, Iowa, Ohio, California, New York, and New Jersey (#50).
Anyone in any state would benefit from pro-active tax planning, but if you live in these states, you stand to benefit the most from tax strategies that minimize the amount of tax that you legally owe. If you live in those states, you stand to lose the most as you continue to postpone active strategies that could reduce your overall tax burden.
Tea party protests don’t reduce your taxes – pro-active tax strategies do!
The full study can be found on the Tax Foundation website: www.taxfoundation.org/files/bp59.pdf.
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Most changes need to be in place by December 31 to reduce your current year taxes, and sooner implementation results in greater savings, so act now!
•Good state tax systems levy low, flat rates on the broadest bases possible, and
•they treat all taxpayers the same. Variation in the tax treatment of different industries favors one economic activity or decision over another.
•The more riddled a tax system is with politically-motivated preferences the less likely it is that business decisions will be made in response to market forces.
The ten worst states (from least worst to ultimate worst) are: Vermont (#41),
Wisconsin, Minnesota, Rhode Island, Maryland, Iowa, Ohio, California, New York, and New Jersey (#50).
Anyone in any state would benefit from pro-active tax planning, but if you live in these states, you stand to benefit the most from tax strategies that minimize the amount of tax that you legally owe. If you live in those states, you stand to lose the most as you continue to postpone active strategies that could reduce your overall tax burden.
Tea party protests don’t reduce your taxes – pro-active tax strategies do!
The full study can be found on the Tax Foundation website: www.taxfoundation.org/files/bp59.pdf.
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Most changes need to be in place by December 31 to reduce your current year taxes, and sooner implementation results in greater savings, so act now!
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