During Unit 2 ( Budgeting) of our workshops, we like to take a moment to talk about how even the rich and famous need to budget. Often times we mention Hollywood actors that have lost all their wealth just because they couldn't budget. Most of the time, taxes are a major problem for these stars. The only reasonable explanation that seems likely is that these celebrities don't pay taxes each paycheck like the rest of us - and they spend it faster than it's coming in.
MSN has put together a list of 15 celebrities that didn't make their deadlines for tax day in the past. It's a great read that will likely get incorporated into future workshops for Andson. Here's the highlights:
- #14 - Rapper Xzibit owes nearly $1 million dollars. He claims money problems began due to the cancellation of "Pimp my Ride." The clencher - Xzibit's Range Rover was a lease...
- #11 - Ozzy and Sharon Osbourne owe $1.7 million in back taxes. The saddest part of this story is that their daughter, Kelly Osbourne, already owes $34,000 herself. If that isn't motivation for what the Andson Organization is trying to do...
- #7 - Marc Anthony owes $3.4 million in taxes. This after a 2007 settlement of $2.5 million in taxes.
- #6 - Rapper Lil' Wayne may owe as much as $5.6 million after a recent $1.13 million dollar payment to the IRS.
- #1 - This one comes all the way from Australia - Crocodile Dundee star Paul Hogan allegedly owes Australia approximately $37 million in taxes!
There's more detail in the article. Go straight to the source at the bottom to read the whole thing - it's definitely an eye-opener.
So, remember that even though your tax bill may be high today, someone almost always has one higher. Who knows, maybe some of these stars will actually make the deadline since we got 3 extra days in the U.S. this year (sorry Mr. Hogan).
Edit: Wow, just a few days after the celebs list - looks like CNBC has put out a list of star athletes that has gone a similar route - 15 Athletes Who Have Gone Broke.
Celebrities Source: Wonder Wall via MSN
Athletes Source: via CNBC