13 May Why Do Celebrities Commonly Have Tax Problems?
With all of the money that celebrities make, shouldn’t they be able to pay their taxes without issues? And yet, we hear countless tales of celebrity tax woes. We asked a panel of professionals to explain why. Here’s what they had to say:
Alistair Bambridge is a partner at Bambridge Accountants New York, a firm of enrolled agents and accountants specializing in two distinct areas – tax and accountancy advice for the creative industries and expat tax services for citizens living abroad.
Celebrities have erratic pay cycles. They may have years where they have massive contracts and then very little income the next year. That frequently leads to tax issues, as they think they can use money from next year and have difficulty budgeting or saving.
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