Chances are, you’ve read the “Celebrities…They’re Just Like Us” section in a famous gossip magazine while waiting in line at the grocery store. While their idea of “Just Like Us” and reality are two separate matters, famous folk are just like us in that they can run afoul of the IRS. Read on to learn about five famous people who got busted for tax evasion.
Martha Stewart
Martha Stewart, with homemaking empire and endorsements didn’t have to worry about living paycheck to paycheck like most people. Unfortunately, her sizable income and multiple real estate holdings left her in hot water with the IRS. Ms. Stewart was on the hook for $200,00 in back taxes to the State of New York. The reason? Her East Hampton estate. Her rationale was since …show more content…
He failed to report those earning, and the IRS tribe has spoken: he received a six-year sentence for evasion, but only served three years. As a condition of his release, he was supposed to amend his tax returns to reflect his million dollar winnings.
Instead, he neglected to follow through and earned another ticket to the slammer instead.
Lesson: Report all of your income from all sources. Hatch was a visible target because of his short-lived reality show fame, but the IRS has no problem going after average people for tax evasion.
Annie Lebovitz
This famous photographer’s work has appeared in Vanity Fair, Rolling Stone, The New Yorker and other national publications. It was her Rolling Stone photo of John Lennon and Yoko Ono in 1980 that brought her out of the shadows and into the forefront of modern photography. The income landslide that followed lead to poor spending habits and extravagant living.
In 2009, Lebovitz was over 2.1 million dollars in arrears for the 2004-2007 tax years. In order to secure a loan to pay off that monster debt, she has to pledge the copyright to all of her past, present and future
Martha Stewart
Martha Stewart, with homemaking empire and endorsements didn’t have to worry about living paycheck to paycheck like most people. Unfortunately, her sizable income and multiple real estate holdings left her in hot water with the IRS. Ms. Stewart was on the hook for $200,00 in back taxes to the State of New York. The reason? Her East Hampton estate. Her rationale was since …show more content…
He failed to report those earning, and the IRS tribe has spoken: he received a six-year sentence for evasion, but only served three years. As a condition of his release, he was supposed to amend his tax returns to reflect his million dollar winnings.
Instead, he neglected to follow through and earned another ticket to the slammer instead.
Lesson: Report all of your income from all sources. Hatch was a visible target because of his short-lived reality show fame, but the IRS has no problem going after average people for tax evasion.
Annie Lebovitz
This famous photographer’s work has appeared in Vanity Fair, Rolling Stone, The New Yorker and other national publications. It was her Rolling Stone photo of John Lennon and Yoko Ono in 1980 that brought her out of the shadows and into the forefront of modern photography. The income landslide that followed lead to poor spending habits and extravagant living.
In 2009, Lebovitz was over 2.1 million dollars in arrears for the 2004-2007 tax years. In order to secure a loan to pay off that monster debt, she has to pledge the copyright to all of her past, present and future