Over the past few years Wesley Snipes and Johnny Depp have been in the news over debilitating tax bills. While Mr. Depp has settled up with the IRS since, he had to sell off major assets that led to a lawsuit exceeding $25 million.
There’s actually a lot that the average person can learn from this. There’s actually some actionable takeaways that the everyday American on the street can learn from the “Pirates of the Caribbean” star to make sure nothing goes wrong with their taxes.
- When you are on fire the first thing to do is to PUT THE FIRE OUT!
The first thing every American should discover is whether they are a taxpayer according to the tax code. The IRS will tell you that the federal tax system is voluntary, however they withhold the full truth on this issue.
People don’t know this but nearly all Americans have volunteered into the federal and state tax systems and are completely unaware of it. Even though Depp racked up $5,704,581 in tax penalties and interest he likely had no federal tax payment obligations for 2000–2014 tax years.
Just because you are a Hollywood star does not mean you smart. In fact Depp is completely ignorant of the fact that HE OWED NO TAXES AT ALL and the IRS depends on your ignorance of this fact in order to prey on you.
The it’s very easy to fall behind on your estimated tax payments and not get them in on time because you simply don’t have the funds, or you’ve having troubling calculating them correctly. This can easily lead to a snowball of tax debt plus interest and penalties for lateness. But again, THIS ONLY APPLIES TO TAXPAYERS!
- If you’d like to settle with the IRS, be aware of whether you owe them anything at all.
Depp settled this matter with the IRS and is now focusing on suing his manager. However, if you’d like to settle with the IRS, you should bear in mind that some pretty harsh standards are used to judge whether or not you can pay your full balance.
Depp’s former manager alleges in a countersuit that he has an incredibly lavish lifestyle and was not suffering any hardship that hobbled his ability to pay his tax penalties: He spends $75 million in maintaining 14 residences around the world, $30,000 a month on imported fine wine, and even blew ~$3 million on a cannon meant to blast noted author Hunter S. Thompson’s ashes over Aspen, Colorado, among many other totally outlandish luxuries.
This sounds like cartoonish levels of extravagance to a majority of people, but he still got the IRS to settle with him!
It’s unfortunate that Depp was unaware that he did not owe them anything and could have easily escaped the whole thing with some good and informed guidance by a tax professional.
- Be sure you are well informed and are receiving correct information
Wesley Snipes went to prison for following incorrect information and because he had volunteered into the federal tax system. If you find a tax advisor who is willing to guide you through the tax system you will see it all survives and thrives off of your ignorance.
Because of all the fear surrounding the paying of federal taxes and the intimidating tactics of the IRS people are scared so deeply and profoundly that even if faced with irrefutable facts demonstrating they are not liable to pay federal income taxes they still wont take action to free themselves from it.
This is known as mental slavery and it is very powerful. Everyday people also get fleeced by advisers they thought they could trust, who give them bad information. While you’re ultimately responsible discovering this information for yourself and for determining what taxes you owe if any, there is a lot to be said about getting professional information from tax advisors.
Would you like to learn more and see if you are eligible to opt out of the federal tax system? Email us at email@example.com for more information and be sure to visit our website at www.endtaxes4ever.com