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.
If you get a kick out of following the tax troubles of celebrity, then you might want to add this blog to your RSS.
Consumers need all the help they can get sussing out the scene at the pump. With this in mind, SmartMoney shares 10 things your gas station doesn't want you to know. Click through our gallery to see the 10 gas station secrets.
Most of us are looking for ways to pay no more than we owe in taxes, or even boost our tax refunds. Here are five strategies that go beyond the obvious with tried-and-true ways to reduce your tax liability.
According to the Internal Revenue Service, 20-25% of all Americans wait until the last two weeks before the deadline to prepare their tax returns. At that late date, there are only two things you can do: File your taxes pronto, or request a tax extension.
The Internal Revenue Service allows taxpayers to file for a 6-month extension if they need more time to prepare their tax return. You can obtain a tax extension for any reason; the IRS grants them automatically as long as you complete the proper form on time. Check your state tax laws; some states accept IRS extensions while others require you to file a separate state extension form.