All Articles Tagged "taxes"
After a report from RadarOnline that Lauryn Hill was hit with seven tax liens spread like wildfire last week, the singer’s publicist, Kathryn Frazier of Biz3 Publicity, put out a statement to Pitchfork denying the news, saying:
“Contrary to media gossip (fact checking seems to be a dying art-form) there are no changes in Ms. Hill’s legal status. Ms. Hill has finished her sentence, has been fulfilling her agreement with the IRS, and is taking care of all outstanding matters in regards to this situation. She is not in jeopardy of any further charges. The press is reporting on paperwork that had recently been filed, and has now become public record.”
It looks like Lauryn Hill may be in the hot seat with Uncle Sam again. According to Radar Online, the IRS has filed seven additional tax liens against the 90s singer.
The documents, which accuse Lauryn of bailing on her taxes between the years of 2005 and 2011, were filed on Jan. 14 and collectively sum up to a whopping $866,868.05. According to the six-year breakdown, the mother of six owes $422,008.26. For 2006, she owes $19,838.75; 2007, $61,158.50; 2008, $58,405.71; 2009, $30370.91; 2010, $13,247.73; and 2011, $261,838.19.
This of course, is major news since Lauryn was convicted last May of failing to pay nearly $1 million in taxes. She actually just completed a three-month prison sentence in relation to the previously filed tax evasion charges last fall.
“To me, it is obvious that the accumulation of generational trauma and abuse have created the very behaviors the system tries to punish, by providing no sufficient outlets for the victims of institutional terror,” she wrote in a Tumblr post following her 2013 conviction. “Clearly, the institution tries to hide its own criminal history at the expense and wholeness of the abused, who ‘acting out’ from years of abuse and mistreatment, reflect the very aggression that they were exposed to.”
At this point it’s unclear what Lauryn plans to do about her tax woes or if she has already been actively working to get these issues resolved, but we’re hoping that she can get a handle on the situation and pay off her debt.
I remember about eight years ago when I first started working my first professional job and was actually looking forward to tax season. Up until then from what I had witnessed with my parents and other relatives, tax season to adults was like what Christmas is to a toddler. That was the “real” most wonderful time of the year. I didn’t understand much about taxes, but quickly learned that because I didn’t have kids, was no longer in school, not paying student loans, barely had any deductions and was a tax bracket above broke that I qualified for a little something in return but definitely would not be doing the dougie to “This Is How We Do It” like the dude in the Jackson Hewitt commercial.
I drove home in tears crying to my friend on the phone, “What am I doing wrong?” But once I started to understand a little more about taxes, I learned I wasn’t really doing anything wrong. When I figured out tax season wasn’t meant for the single working woman, I was a lot less emotional during tax time. Now admittedly I’m a still a little bitter, but I am better prepared and I realize that without many deductibles I’ll end up owing every tax season because of my writing hustle, and that’s OK now that I know what to expect. But for all of you who are lucky enough to come into a little extra sometime soon, I need to you to spend responsibly for all of us who have to actually budget for big items and can’t lose our mind for 3 months out the year. Here are 12 ways I’m sure some people will waste their tax returns this year:
There is a saying in the Bible: “For the love of money is the root of all kinds of evil.” (1 Timothy 6:10)
You may have heard your mom, dad, or grandma reprimand or educate you with it from time to time, but did you ever think to apply the quote to advance your business sense and financial wealth? Financial pundit Sean Hyman has, for example, taking what he has deemed as the Biblical Money Code revealed in the Bible’s scriptures as a foundation for his investment success and education. Hyman is one of many who are enlightening others about how we can get out of debt and build wealth by way of the Word.
Read on for nine ways that we can all learn to invest and spend more wisely through the Bible, whether you are religious or not.
The year is almost over, and after some wise (and perhaps some very unwise) personal financial decisions throughout the course of 2013, you may be ready to close the books on another year. Don’t miss a beat before this year is out. There are many financial decisions you should make before the end of year, such as starting a retirement fund or making room for a little extra cash with a side hustle.
Before the year is over, challenge yourself and accomplish these financial resolutions before the New Year.
Looking to make a little extra cash with a secondary part-time source of income? A second job may only benefit you financially. When deciding whether or not to take on a part-time job or side hustle, you should consider not only the toll it’ll take on your finances, but your emotional health, your mental health, your daily schedule and your free time.
Have you considered these downfalls of juggling multiple jobs at one time? Is a little extra cash worth it? Here’s a few reasons why two (or more jobs) can do you more harm than good.
As we approach the month of November, you’re going to spend your days soon thinking about holiday shopping, decorations, and dinner table place cards. But, don’t forget about your taxes. In fact, it would be best to go ahead and not only start thinking about them, but to begin organizing your paperwork now for early filing.
Because of this year’s government shutdown, the IRS will not begin to process tax returns until one to two weeks after the originally planned January 21st date. If you’e expecting a return and need that money ASAP, you should act in advance. Just because the government is behind schedule does not mean that you should be. Tax season officially starts in December and you will still be able to send your tax returns at any time. Keep ahead of the game and continue to prepare on time — or early — so you’re not pulling your hair out when we’re talking about how close we are to April.
“Because, you know, paying taxes is supposed to pay for the government, which in turn is not working. So if they’re not working, I shouldn’t have to pay taxes,” he jokingly told Vh1. “Being in the upper echelon of the tax bracket, [I] feel the the money I could be saving over these next couple of days could be very vital to my survival.”
While he’s being silly (clip below) there are those who agree with him.
“Republican or Democrat, it seems hard to argue with this logic,” says Forbes. “But high or low, everyone is a little tired of theatrics, of no service at the IRS and elsewhere. And yet taxes and filings are coming due like a freight train.”
The article also notes some past Nelly tax shenanigans, saying in 2006 he tried to deduct his “jewel-encrusted teeth” after he made the song “Grillz.”
Nelly’s latest album “M.O.” was released last week and, so far, sales have stalled. It debuted at number 14 on the Billboard 200.
If you haven’t paid your taxes lately in New York, don’t expect to get behind the wheel of a car anytime soon. Some 16,000 New Yorkers could lose their driver’s licenses because of unpaid taxes.
“The state has officially rolled out a new program that will yank delinquent taxpayers’ driver’s licenses if they are more than $10,000 behind on payments, according to a memorandum issued by the Dept. of Taxes and Finance,” reports Business Insider.
Gov. Cuomo called tax delinquents “scofflaws,” and said the new policy sends a clear message.
“These worst offenders are putting an unfair burden on the overwhelming majority of New Yorkers who are hardworking, law-abiding taxpayers,” he said. “By enacting these additional consequences, we’re providing additional incentives for the state to receive the money it is owed and we’re keeping scofflaws off the very roads they refuse to pay their fair share to maintain.”
Notices sent by the Tax Department have already gone out to 16,000 delinquent taxpayers, who’ll have 60 days to set up a payment plan or the D.M.V. will send another warning, this time giving them 15 days to respond. If they have not taken action by then, their license will be suspended.
Commercially licensed drivers and taxpayers who are makings child or spousal support payments will be exempt. And those who do lose their license will be able to apply for a restricted license, which will allow them to drive only to work.
The Department of Taxes expects the program to generate $6 million in tax revenue each year.
There are three other states who have similar license suspension programs. Many people in New York City don’t own cars, so this is a measure that will clearly impact people who live across the state more heavily than those living in the five boroughs.