Former New York Times film critic Elvis Mitchell, now a host on Turner Classic Movies' "Under the Influence," is reportedly in big trouble with the IRS: The agency claims he owes half a million bucks in back taxes. The Detroit News breaks it down:
The IRS filed a $91,968 lien against Mitchell on Aug. 28 in the New York City Register's office
The IRS filed a $277,015 lien against Mitchell on Aug. 27 in New York.
The IRS filed a $136,130 lien against Mitchell on April 27, 2007, in New York.
Questions about Mitchell's financial situation were first raised when U.S. border patrol guards busted him with $12,000 in undeclared cash and Cuban cigars last year. At the time, Mitchell claimed: "I have a fear of banks, so I keep my cash in my house and I grabbed the wrong box." That fear may be understandably justified: With all those tax liens against him, any money that he had in the bank would be confiscated immediately.
Perhaps the most amazing part of this story is how Mitchell apparently managed to run up $500,000 in back taxes. . . Who knew film critics made that much money? He and his publicist have declined to respond to the media requests of multiple outlets but if the IRS' figures are accurate, it seems likely he hasn't been paying any taxes for a long time.
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Having custody of your child usually means you can claim an exemption for that child as a dependent on your taxes. But if you don't have to file a tax return, or you reach an agreement with your child's noncustodial parent, you can let them take the exemption instead with Form 8332.
If you're currently paying off a student loan, you may get Form 1098-E in the mail from each of your lenders. Your lenders have to report how much interest you pay annually. Student loan interest can be deductible on federal tax returns, but receiving a 1098-E doesn't always mean you're eligible to take the deduction.
Your employment status has a significant impact on the employment tax you pay and on the amount that an employer pays on your behalf. When an employee is misclassified as an independent contractor, discrepancies arise with Social Security and Medicare taxes. That's where Form 8919 comes in.
An Archer medical savings account allows tax-sheltered investment growth within a savings account as long as funds are used to cover medical expenses. Form 8853 reports contributions and payments from Archer MSAs and payments from long-term care insurance contracts.
If you earn a living as a self-employed farmer, you may need to include a Schedule F attachment with your tax return to report your profit or loss for the year. The Internal Revenue Service defines ?farmer? in a very broad sense?whether you grow crops, raise livestock, breed fish or operate a ranch.