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Gene Meyer: When it comes to paying taxes, some celebrities think the laws don't apply to them

The ArnoldThe ArnoldKitchentablenomics blogger Gene Meyer writes about the latest example of tax trouble in Tinseltown. Turns out the IRS has filed a $79,000 tax lien against California Gov. Arnold Schwarzenegger. The govis disputing the claim and insists he's paid his taxes.

Lots of celebrities get into tax jams, Gene writes. For that matter, athletes too.
It serves as a reminder for all of us average folk to pull our tax records together by year end in preparation for filing season.

For more on this from Gene, including a list of IRS tax filing recommendations, click here.

Submitted by Steve Rosen on December 1, 2009 - 1:05am.
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4/9/09

Question:

BRB asks

Who do I talk to for financial advice that does not involve them trying to sell me something? We are 60 and 59, have a 200,000 annuity, are 60-70,000 credit card debt, have a house that is half paid for,own a condo in fl that is not paying for itself, have a good credit rating, not behind on anything, not facing foreclosure, wife on disability, husband still working, Want to pay off credit cards, but don't know how. Should we use part of annuity? I just want to know who to ask for help. Thanks

Answer:

It looks like you would be well served by a comprehensive financial plan which would address your concerns and give you a clear picture of where you are at financially. Financial advisors are paid in two different ways. Some receive commissions for the products they sell you. There are also fee only financial planners who work for you for a set fee and sell no products. In their case you know exactly how much it will cost you up front. It would also be preferable to use a financial planner who is a Certified Financial Planner.

Best Regards,
G. Douglas Dunham

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Submitted by FPA on April 9, 2009 - 2:00pm.
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