The two iconic Italian fashion designers, Domenico Dolce and Stefano Gabbana, were both found guilty this week of evading taxes on $1.3 billion in income. The case dates back to 2004 when the pair sold Dolce & Gabbana’s main two brands to a Luxembourg-based holding company. Prosecutors claimed that this was done to avoid paying taxes on the profit from the brands. It makes a lot of sense considering that corporate tax rates in Luxembourg are basically zero. Dolce and Gabbana have been sentenced pay a hefty fine and one year and eight months of jail time each, but this means essentially nothing in Italy. The two are allowed to appeal this verdict twice, which could take years. Even if they are forced to serve time, sentences that are less than two years are served under house arrest or community service. Keep reading »
Oh, tax season. Doing my taxes stresses me the hell out: I do so much freelance writing that I have one million forms. And trust me, if you screw up your taxes — even unintentionally — the IRS will hunt you down like a dog. I always say this year will be different, this year I’ll do it all by myself on TurboTax. Instead, I just hyperventilate for weeks.
Anyone else with me on this?
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Strip clubs in the fair city of Houston, Texas, will soon be hit with an interesting new tax: a $5-per-visitor tax which will go towards paying for a backlog of the city’s 6,000 rape kits. The Houston City Council passed an ordinance on Wednesday which will require almost 30 gentleman’s clubs to fork over the funds, which will then be used to pay for analyzing DNA evidence collected from rape victims. Keep reading »
Oh, hey there. Guess what day it is? April 17th! No, it’s not my birthday. It’s Tax Day! Alright, so maybe this isn’t an occasion for excitement and joy, but whether you like it or not, taxes must be paid by midnight tonight (unless you are filing an extension or giving the finger to Uncle Sam like these celebs). With that in mind, we’ve compiled some straightforward advice for you tax-filling slackers who waited until the very last second to file — like yours truly. Keep reading »
I’m not even going to sugarcoat it: I’m basically the poster child for the white girl from the suburbs whose dad just took care of all the bills growing up and never taught me anything about finances. They were traditional that way: Dad handled money stuff and Mom handled childrearing stuff. My parents never gave me spending money and I always babysat and worked after school jobs. However, other than generally teaching me that I had to earn my own money, neither of them talked me to at all about saving, investing, 401ks, interest rates, or any of that other its-like-speaking-another-language stuff. I had to read blogs and buy books to myself about money (Nice Girls Don’t Get Rich by Lois P. Frankel is a good one). Still, I wish I’d made some financial decisions differently. (Luckily, I’m only 27, so it’s not too late to start!) Keep reading »
“Trains are always late, most state schools are s**t and I’ve gotta give you like four million quid. Are you having a laugh? When I got my tax bill in from [her first album] 19, I was ready to go and buy a gun and randomly open fire.”
— Could Adele be any more relatable and down-to-earth? It turns out the hottest singer in the world right now hates paying taxes as much as the rest of us. (Don’t worry, she has an accountant!) It also sounds like Adele is super-generous with all the money she’s earned: she bought two homes in London for herself and her mom and set up trust funds for several cousins who are “young mums.” I love this woman. [The Sun UK via Q Magazine]
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The onslaught of tax return documents starting arriving in my mailbox a few weeks ago — from banks and places of employment (I had a few last year) — and I began to feel the familiar and perennial angst; tax day is coming! I stuck most of them in a pile to be looked at later, you know, like in March. But when I spotted a letter from my church the curiosity got to me. What I didn’t expect was to be so disappointed in myself. It listed my total donation from the past year and it was paltry! Who the heck was I donating more to – my local bartender and hair colorist?
Going forward, I resolve to donate more, but I also want to find more charitable organizations that appeal to my passions and interests. Plus, I feel incredibly guilty for using those free address labels from Smile Train and not sending a check back. For some tips on how to align charitable giving with personal financial goals and be prepared for tax time, The Frisky reached out to finance expert and author Manisha Thakor. Keep reading »
Italian luxury label Dolce & Gabbana is facing some serious legal trouble after being formally accused of tax evasion. And according to the charges, this isn’t a discrepancy of just a few million, but more like a debt of $1 billion. While the designers claim innocence, there’s definitely something fishy with the case. Keep reading »
You’re not going to like this. But now — mid-November — would be a really smart time to start thinking about your 2010 taxes. Yes, going to the gynecologist sounds like more fun. And, sure, right now the only taxes you’re thinking about are the sales taxes on your holiday purchases, but consider this: with a little bit of planning this winter, you can save yourself a lot of stress when you file your 2010 tax return. For tips on how to get your files organized before you file, we talked to Lee Molotsky, managing partner of The Molotsky Tax Advisory Group and co-host of “THE MOLOT$KY MONEY HOUR” radio show. You will thank us. Keep reading »