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Last year, actor Wesley Snipes was sentenced to three years in federal prison after he was convicted of tax evasion. He's been allowed to remain free while he goes through the appeals process -- but that hasn't helped him avoid other financial problems.

The New York Post reports that Snipes may have lost "millions" to an alleged Ponzi scheme run by Lincoln Fraser and Jared Brook. The pair went on trial in England at the end of last month on charges that their investment company Imperial Consolidated bilked investors out of nearly $400 million.

So to recap, here's how Wesley Snipes' financial strategy appears to have worked out: He evaded taxes, resulting in massive fines and a probable three-year stint in federal prison. Then he took the money that he was skimming and invested it in an alleged scheme where he ended up losing it anyway. That's like cheating on your wife and getting a deadly STD in the process.

Meanwhile, Snipes is set to return to the big screen with director Abel Ferrara in an action movie called Game of Death. The pair last worked together on the 1990 cult classic King of New York.

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TurboTax Articles

Infamous Tax Crimes

Although most Americans fill out their tax returns diligently and honestly, not all taxpayers are as respectful of the law. Some wealthy taxpayers cheat because they feel they already pay more than their fair share of taxes, while some regard the entire tax system as unconstitutional. Regardless of the reason, it's big news when the rich and famous are convicted of tax crimes. You're likely to know at least one or more of the famous names on this list of notorious tax cheats.

Cities with the Lowest Tax Rates

The total amount of tax you pay reaches far beyond what you owe the federal government. Depending on where you live, most likely you're required to pay additional taxes, including property and sales tax. The disparity between the amount of tax you pay in a low-tax city and that in a high-tax city can be dramatic. Living in any of these 10 cities could save you a bundle, although the exact amount may fluctuate based on your income and lifestyle choices.

Cities with the Highest Tax Rates

Much ado is made in the press about federal tax brackets, but cities can carry a tax bite of their own. Even if you live in a state that has no income tax, your city may levy a variety of taxes that could eat away the entire benefit of living in an income tax-free state, including property taxes, sales taxes and auto taxes. Consider all the costs before you move to one of these cities, and understand that rates may change based on your family's income level.

Great Ways to Get Charitable Tax Deductions

Generally, when you give money to a charity, you can use the amount of that donation as a deduction on your tax return. However, not all charities qualify as tax-deductible organizations. While there are many types of charities, they must all meet certain criteria to be classified by the IRS as tax-deductible organizations. There are legitimate tax-deductible organizations in many popular categories, such as those listed below.

A Freelancer's Guide to Taxes

Freelancing certainly has its benefits, but it can result in a few complications come tax time. The Internal Revenue Service considers freelancers to be self-employed, so if you earn income as a freelancer you must file your taxes as a business owner. While you can take additional deductions if you are self-employed, you'll also face additional taxes in the form of the self-employment tax. Here are things to consider as a freelancer when filing your taxes.

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