Oops! You Fail To File Taxes

Penalties aren’t the only risk if you fail to file taxes Mark Twain once said, “Never put off till tomorrow what may be done the day after tomorrow just as well.” But Twain’s advice doesn’t always pay when it comes to taxes. The calendar watchers at the IRS charge a 5% per month failure to file penalty, up to 25% of the amount due, along with a half %  per month failure to pay penalty, also up to 25% of the total amount due. And the IRS isn’t the only tax man to pay attention to deadlines, even if they
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Bottoms Up!

What’s With Beer Tax?! What were you doing at the end of your day on Friday, August 4? Were you knocking back a bottle of suds at your favorite happy-hour bar? Enjoying vacation time with a cold one overlooking a beach or a harbor? Maybe feeling ripped off paying $14 for a tallboy of St Louis’s finest at your local ballpark? Well, hopefully you were doing something like that, because the first Friday in August is International Beer Day! Beer is the world’s oldest alcoholic beverage — chemical tests of ancient pottery jars reveal that brewers produced beer as long
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Making More by Paying Less – Save on Taxes

When affluent clients want to save on taxes, they turn to accountants, attorneys, and financial advisors, among other advisors. And we can make a nice living helping clients accomplish that goal. (At the risk of sounding self-serving, it’s because we’re worth it.) But you won’t find any tax professionals populating the Forbes 400, or your hometown paper’s list of richest local residents. Having said that, there are a few people who have made legitimate fortunes helping people pay less tax. They just aren’t working where you think they are. Most of us don’t give much thought to tariffs, simply because
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Celebrities Behaving Badly

Floyd Mayweather – Constant Tax Troubles One day back in March, 2002, Us Weekly editor Bonnie Fuller spotted a photo of actress Drew Barrymore bending over to pick a coin off the ground. A light bulb flipped on over her head, and on April 1, her magazine debuted a brand-new photo feature that changed the paparazzi game forever. We’re talking, of course, about “Stars — They’re Just Like Us.” (Of course, they’re still not quite just like us . . . how many photographers are fighting to catch pictures of us picking up our dry cleaning, filling up our gas
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Caliente!

Summer is here, and in most of the country, it’s hot! The All-Star game has come and gone, dog days are right around the corner, and if your air conditioner makes a funny noise, the hair stands up on the back of your neck. Now, we can’t help you if your air conditioner breaks, but we can try and put a smile on your face with a few tax quotes to start your day. Try and spot the summer references hidden inside — they might not be quite as easy to find as you think! “A dog who thinks he
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Accountants Behaving Badly

Actress Alyssa Milano first gained fame playing Tony Danza’s daughter on the television sitcom Who’s the Boss. The show ran for eight seasons, snagged ten Emmy and five Golden Globe nominations (winning one of each), and established Milano as a bone fide teen idol. While her star has dimmed since then, she continues to work in Hollywood and seems to be one of the few child stars in recent memory to grow into adulthood without well-publicized trips to rehab or jail. Today, Milano is as busy as a bumblebee. So she and her husband, agent David Bugliari, employed a business
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IRS Slapshot Misses

It’s the Judges Ruling  Summer is here, so naturally, everyone’s thinking about hockey. The Pittsburgh Penguins have just taken their second Stanley Cup in a row, and the rest of the NHL is working to make sure there’s no three-peat. But one of those teams just won a different sort of contest, in Tax Court of all places. So let’s go to the tape . . . Jeremy Jacobs is the owner and chairman of Delaware North, a concession company operating at places like stadiums, racetracks, and national parks. (Sounds like he’s as much to blame as anyone for the
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Clean Tax Savings Here

Businesses generally try to get the highest price possible for their products. It’s called “capitalism,” and it generally works to establish “equilibrium prices” between knowledgeable buyers and willing sellers. But every so often, this mechanism breaks down and prices soar, resulting in howls of “price gouging!” from ticked-off customers. This is especially true with pharmaceuticals. In 2015, hedge fund manager Martin Shkrelli made himself the most-hated man in America when he bought Turing Pharmaceuticals and raised the price of the antiparasite Daraprim from $13.50 to $750 per pill. Another example: in 2007, Mylan pharmaceuticals bought rights to distribute the EpiPen,
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This is Spinal Tax

In 1984, the documentary filmmaker Marty Di Bergi scored a hit with This is Spinal Tap, a look inside Britain’s loudest band and their 1982 Smell the Glove concert tour. Lead singer David St. Hubbins, lead guitarist Nigel Tufnel, and bassist Derek Smalls, were joined by a series of drummers who died under mysterious circumstances, including spontaneous combustion and a bizarre gardening accident that authorities said was “best left unsolved.” Of course, the whole thing was a spoof. “Marty Di Bergi” was really director Rob Reiner, and the band members were played by actors Michael McKean, Christopher Guest, and Harry
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Does Your Money Need a Passport?

Economic inequality is a hot topic in today’s world. Researchers here and abroad consistently show the top 1% of earners gobbling a disproportionate share of gains throughout the world. This trend has more and more thinkers debating what to do about it. Do we redistribute the pie, so that everyone has a more equal share? Or do we grow it so that everyone can have a bigger slice? (There, we’ve just summed up three centuries worth of political economy in two short sentences!) Now there’s new research that shows the old research actually understates that divide. (Don’t you just love
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