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A ‘National Treasure’ size tax lien

August 4, 2009

Actor Nicolas Cage is in tax trouble again.

Last year Cage settled one IRS debt. Now he's been slapped with a $6.26 million tax lien.

According to WebCPA (via the Detroit News), the IRS filed the lien in New Orleans against Cage's $3.55 million Big Easy mansion.

This is just the latest tax trouble for the star of the National Treasure movies. Last fall, Cage agreed to pay $666,000 plus interest after the IRS said that between 2002 and 2004, he and his company had improperly deducted $3.3 million in personal costs as business expenses,

WebCPA notes that Cage's next film project is “Bad Lieutenant: Port of Call New Orleans,” which also stars a couple of other Hollywood stars with their own tax troubles.

The film cast also includes Val Kilmer, who had a $538,858 tax lien filed against him in New Jersey in July, and Vondie Curtis-Hall, who, along with his production company, is facing more than  $350,000 in various tax liens filed by the IRS and California tax officials.

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It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Comments
  • Kay,
    It seems there is an unusual proportion of stars who get in tax trouble. Any thoughts as to why?

  • Journey,
    My guess is that they just don’t pay attention. They’re so used to having everything done for them they just take for granted that taxes will be taken care of, too. That makes it easy for disreputable financial advisers (and I’m not saying that’s the case with Nick Cage; just hypothetical here!) to take advantage of such clients. Or the advisers aren’t criinal, just criminally inept, which puts their oblivious clients in tax hot water. Maybe I’m naive, but I don’t think these folks go into taxes looking to cheat; they know they already get lots of attention so any questionable tax move will only get them the bad kind of PR.
    Kay

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