[L]et’s just call this Huntsman plan what it really is: a huge, highly confused, poorly defended giveaway to people who earn lots of money from their investments. For people who can live off investment gains, it delivers the pleasure of a tax-free lifestyle. [Joseph Thorndike]
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Marlee Matlin Can Add ‘Constitutionally Challenged’ to Her List of Disabilities
Academy-Award winning actress Marlee Matlin admits to People mag that she owes $50,000 to the IRS and isn’t at all embarrassed by this fact. ”I’m paying it back. I’m not shying away from it and I’m certainly not ashamed of it,” Matlin told the magazine. “It doesn’t mean I’m a bad person. It’s reality. It’s the reality that a lot of people in America are facing.” You tell ’em, girl!
The Celebrity Apprentice “star” (we use that term loosely, not being a huge fan of D-lister reality shows featuring hot messes such as Gary Busey and Lil’ Jon) tells People celebrity isn’t all it’s cracked up to be and, in fact, it’s her four kids and modest middle class life in the ‘burbs that is to blame. “Living modestly in a suburban neighborhood while trying to support four children through private school is not extravagant or living large,” Matlin said. “My husband is a Los Angeles area police officer and between the two of us we have always made ends meet in the past — and we will in this circumstance as well.”
To adjust to their new life as (probably accidental) tax protesters, the Matlin clan plans to make some important financial adjustments, like putting their poor children into public school. “At the end of the day, it’s about the best interests of the children,” she said. “Transitioning out of a private school environment will certainly relieve some of the financial pressures but hopefully this will not compromise the kids.”
Yes, hopefully it will not. Let the record reflect AG is a product of public school and we all know how horribly I turned out; someone pray for those kids.
Despite these hardships, Matlin seems upbeat and not at all worried about what this means for her reputation (let’s hope the IRS didn’t put her in the non-TIGTA-friendly “Tax Terrorist” category). “I’m not broke. Like everybody else, I owe money. My family is healthy and happy.”
Should Derek Jeter Be Asking for a Stake in the Yankees?
Fay Vincent is making the suggestion that sports stars, like DJ, should be negotiating for shares of their respective teams.
My question is why sports figures are not taking steps to generate tax-favored income by bargaining to get ownership interests in their teams. Imagine how much better off old timers like Mickey Mantle and Roger Maris would have been if they had been able to obtain even tiny shares of the Yankees franchise in 1961. In today’s context, it is true enough that the tax rate on capital gains income may soon rise to 20%—but that’s still far below the rates levied on top income earners.
Since Vincent – a former entertainment lawyer – has been around the block with big-time earners, he might be on to something here, although maybe the Steinbrenners aren’t interested, being the shrewd business family that they are (George died in a year with no estate tax for crissakes). Since neither Jeets nor the Yanks are budging in the negotiations, this idea could work. It’ been floated in the Times so it’s not like this option is a huge secret. Make something happen, people.
By most accounts, Jeter wants to finish his career in New York and the man has been the franchise for over the last decade. Forget the cash, ask for shares and save on some taxes. It’s not complicated.
Okay, maybe it’s a little complicated.
Confirmed: There Is a Shortage of Good Accountants in the Sex Industry
Way back in March of 2010, we shared with you a plight in our country: there simply are not enough good accountants serving professionals working in the sex industry. At the time we learned of Companions (NSFW unless looking at semi-nude women is kosher), an escort service in Salt Lake City whose proprietors slightly underreported their income which resulted in a tax evasion conviction. We wondered if this particular industry was dry of good accountants and tax advisors who might be able to assist entrepreneurs such as these and the professionals they employ to avoid similar situations.
As happens from time to time, someone with direct knowledge reached out to us and we now have at least one person on record confirming our suspicions:
Hello Caleb,
I came across your March 23, 2010 article, Is the Shortage of Good Accountants in the Sex Industry an Opportunity? and felt compelled to write. You see, I am a tax preparer that has been servicing the adult industry since 2006, doing my best to help those in the industry with knowledge and compassion. What began as helping a few phone sex operators and dancers file their tax returns with dignity has grown into a big part of my business. So, the answer to your question is, yes, the shortage of good accountants in the Sex Industry is indeed an opportunity – for those who wish to practice with ethics and respect. If you wish, you may find more about me and what I do from my website www.taxdomme.com.
I am now eager to peruse the rest of your website.
Best,
Lori, The Tax Domme
For anyone in need of services, the Tax Domme has a new office location in downtown Seattle and if you’re looking to carve out your own niche practice, you can get in touch with Lori for tips on anything you might want to know. For example, what happens when a well-to-do john needs a companion on a round-the-world trip? If animals are a regular part of the business, is it better to lease or buy? Would whips, chains, spreaders, etc. purchased by dominatrix be eligible for a §179 deduction? All relevant questions that have no doubt come up in the world of the Tax Domme.
So here’s an opportunity to be had people. As long as you manage to keep things professional you can cater to a virtually recession-proof industry. Can’t say we never told you.