Celebrities In Trouble With Taxes

Many people look at celebrities and their seemingly endless bank accounts and often think that if they had their money, all their problems would be solved. However, when it comes to owing Uncle Sam that does not always appear to be the case. Countless celebrities over the years have found themselves in trouble with the Internal Revenue Service and owing millions of dollars in unpaid personal income taxes. There are quite a few prominent members of the rich and famous who have recently found their own names on this list and are in need of some serious debt help.

Pamela Anderson

A recent report claimed that Pamela Anderson, former Baywatch star and Playmate, owes the Californian government more than half a million dollars in back taxes on her personal income.

Joe Francis

Francis became famous for his Girls Gone Wild videos, but now he is making headlines for another reason. Francis owes almost $800,000 in back taxes. California tax authorities officially filed a lien against his assets in June of 2011.

Lionel Ritchie

Lionel Ritchie who has an estimated net worth of over $200 million dollars is on the IRS’s bad side by currently owing over one million dollars in taxes on his personal income. Ritchie has recently been served a lien which allows the government to seize enough assets to cover his delinquent bill.

Halsey M. Minor

Minor and his wife, Shannon, are at the top of the California tax delinquent list owing the state of California more than ten million dollars. Minor was a high-tech pioneer back in the 90s and founded the popular website CNET. A new California law took effect on January 1st, 2012 requiring the top 500 largest tax delinquencies to be listed twice a year.

Nicholas Cage

Cage has had problems with paying his personal income taxes for years. He recently paid over six million towards his delinquency, but still reportedly owes another seven million. To help pay off his massive tax debt, Cage has put up some of his properties for sale, although none have sold yet. In 2010, he claimed he owed more than fourteen million in back taxes and while his six million dollar payment helped, he still has the balance to contend with before he can start breathing easier.

Lindsey Lohan

Lohan is often in the news with family problems, but her latest issue is with Uncle Sam. Lohan recently had the I.R.S. file a lien against her in an attempt to collect back taxes from 2009 and 2010. While her $140,203.30 seems small in comparison to other celebrity’s back tax delinquencies, her recent financial and legal troubles may make it difficult for her to pay it as a lump sum. A Lohan representative stated that Lohan is working with the IRS to come to an acceptable payment arrangement.

Celebrities are not the only ones who find themselves in need of debt help in order to pay back taxes owed to the tax authorities. If you owe money to the IRS and cannot afford to pay it, one of the best things to do is get a loan, either a direct loan from a bank or a consolidated loan, this allows you to repay the amount due all at once and avoid the stiff penalties and fees levied by the IRS. Visit secureloanconsolidation.com for more information on consolidated loans.

Photo courtesy of Donkey Hotey on Flickr, and is used with permission from the Creative Commons License

About the Author

Ms. Bekiroglu is a published author, freelance writer and editorial consultant for secureloanconsolidation.com. After receiving a Bachelor of Arts degree from the University of South Florida, she faced the mounting obstacle of paying over $24,000 back in student loan debt. Determined to eliminate the debt, she became knowledgeable about money management. She seeks to educate others with tips on managing student loans and other kinds of debt, as well as in general personal finance and money saving tips.

3 Things You Should Know About Offset Mortgages

An offset mortgage attempts to combine various funds against the total debt of your mortgage; therefore, you pay less on your mortgage debt. You can add savings, checking and other types of accounts into your mortgage account, so you are paying less interest. Offset mortgages came to the UK in 2000, and they keep increasing in popularity. If you are considering this type of mortgage, there are three things that you should know. You can read some more tips like these on Mortgages.co.uk, one of the leading authorities on the subject.

1. They Have Tax Advantages

If your savings account accumulates interest, you would be required to pay interest on it. However, with offset mortgages, you do not receive any interest on your savings account, so you are not required to pay the income tax. In addition, the deposit account is not taxed, so the more money that you have in your deposit account, the more you will benefit from a tax break. If you have a high income tax rate, offset mortgages can be very beneficial when tax time rolls around. If you pay less money in taxes, you will have more money to keep for yourself.

2. Make Sure You Have Enough Cash Saved

If you do not have an adequate amount of money saved, offset mortgages will not be beneficial for you. Because offset mortgages have high interest rates, you need to keep a close eye on your savings balance because you could lose any unearned interest. You will not earn any interest if you owe more on your mortgage than you have in your offset savings account. If you have at least 5 percent of your mortgage balance in savings, an offset mortgage could be beneficial for you. After your mortgage is paid, you will still have your savings as an emergency fund, so you could have more money when you retire.

3. The Savings Account is Still Liquid

You still have access to your savings account. Therefore, you can withdraw money whenever you wish and there is no penalty. You do need to keep in mind that if you take out money, your mortgage payments will increase.

If you think that an offset mortgage might be right for you, research your options and search for a lender. You could possibly obtain a lower interest rate, a lower monthly payment and you could withdraw the money at will; therefore, it could save you money. You will pay off your mortgage quicker, so you will be debt free.

This post is a guest post from Gen Tupas.
Photo attribution goes to Nikcname on Flickr – it us used under the Creative Commons License.

How to Save Money the Easy Way

With the economy still struggling and many people still in very difficult financial situations, everybody is looking for how to save money. Unfortunately, many people don’t quite know where to start, as it is very difficult for most of us to prioritize costs and know where to spend, where to save, and where to invest. The good news is that these problems do not arise due to any shortage of opportunity – people who carefully plan and keep their eyes open can find endless opportunities to save in their daily lives. Here are some excellent money-saving tips which will help you keep more money in the bank.

Ignore brand names

This tip can apply to everything from buying new clothes, new appliances, or groceries. Those store brand products are usually just as good as the ‘name’ brands, and often sell at a fraction of the price.

Minimize Your Transportation, Minimize Gas Costs

While the best money saving tip would be to leave the car behind and choose public transportation, this is obviously not a choice which can be made in most areas. When possible, try to use your bike or even your feet. Instead of making the special trip to the gym, take a walk around the neighborhood. Remember, you are trying to save money overall, and every little bit that you don’t spend, you can save for later.

Cut Back on Bad Habits

Bad habits are expensive, and you are spending large amounts of money to sustain those habits. The average price of a 2 liter bottle is $1.50. The average price of a pack of cigarettes is $5. The cost for good alcohol is enormous. Minimizing, or even cutting out altogether, these bad habits will both save money and reduce the instance of the bad habit.

Get Stable Investments

The stock market is a roller coaster. The real estate market is in shambles. Give some thought to investing in gold, a more appropriate and stable safe haven for your money.

Sell Your Stuff

Many people have attics, basements, and storage units that are positively crammed with goods that are just collecting dust. Have a good garage sale, look toward one of the selling sites, or simply sell some of this to friends. You’d be absolutely amazed with the amount of money that you can earn, and you’re clearing the way to a more minimalist, frugal household. If you clear out your storage unit to the point where you don’t have to have it anymore, that’s an additional savings per month.

Keep your eye out for coupons and deals

There is nothing so tasty as a meal which is bought with a coupon. There is nothing which reads better than a book bought at a significant amount off of the list price. Keeping those deals in mind is easier than ever these days – there are sites, apps, the tried and true local papers, and more which have the frugal person in mind. Before you purchase something at retail, think about the deals which you can get on those products.

Photo is courtesy of Epsos.de and is used with permission under the Creative Commons Attribution license.

Online Coupons Done Right

Finding the best online coupons is a passing fancy for some, a mission for others. Me? I rarely buy anything more than groceries, but when I do purchase my books, music, or clothes, I buy them from online vendors. While I love supporting local stores, it’s often easier and cheaper to use an online retailer for those extras. Why is it cheaper? Coupon codes are available for nearly every major online retailer in the world, and that can save you a ton of cash.

Where do you find coupon codes?

The largest database of online coupon codes can be found at Coupon Chief. Basically, if you’re wanting to purchase something online and need a coupon code, start with Coupon Chief. It’s likely there’s a coupon for you in their expansive list of stores and listings. You can find offers for free shipping, money off your total purchase, as well as percentage discounts off of your total purchase. There are also a few surprises from vendors, so it’s worth checking out.

I’ve tried some other coupon sites, but they are difficult to muddle through. While they might have the coupon codes available, you have to jump through countless hoops or go through a pesky registration process to get to them. Personally, I see registration, even if the account is free, as a barrier. Coupon Chief is different. While they encourage you to sign up, it’s not necessary to register on the site to receive great deals.

How does Coupon Chief Get Its Codes?

That’s one of the great features. Many coupon places solicit their codes without anything expected in return. Coupon Chief has a program called Pays-2-Share where you can get 2% from any of the purchases that are made from the codes. In other words, if you’re one of those who scours the net looking for the best coupon codes, you can get paid for your efforts with an affiliate program. That’s the part which requires registration, but it’s worth it to get some money out of the deal.

As a result, countless coupon codes are submitted for review from everywhere on the web. When the database is added to, everyone wins. Coupon Chief harnessed the power of social networking in the interests of helping everyone save money.

Are these codes legit?

With such an overwhelming incentive to bring coupon codes to the site, some might get the idea that they can submit false codes in the hopes that they will receive money. Each of the codes at Coupon Chief is rated, commented upon, and thoroughly reviewed by its users. If someone submits a bogus coupon code, or the code goes to a sleazy vendor, it will be quickly caught. They have no tolerance for BS, they just want to bring you the best coupon codes around.

Whether you’re just dabbling in coupon codes, or you have a passion for finding the best deals and sharing, Coupon Chief is the best place to go. I know that I will go there before I shop at any online retailers so I can get a discount on already low Internet prices.

Disclosure

While this is a paid review, the opinions expressed herein are my own and not influenced by Coupon Chief or any other individual, entity, or corporation. Although I don’t go shopping often, when I pick up something from Amazon or Woman Within, I’ll be stopping there first. Picture courtesy of DMDonahoo on Flickr and is used with permission from the creative commons license.