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More tax troubles for Snipes

February 8, 2008

Geez, this guy’s becoming the tax collection poster child.

Wesley_snipes_blade_trinity
Both Newsday and the New York Post report that a $70,000 tax lien on one of Wesley Snipes’ properties in suburban New Jersey was sold at auction.

Snipes has two years to pay back the purchasing company, Crusader Lien Services of Jenkintown, Pa., or the firm can
initiate foreclosure proceedings.

The home is described as a sprawling, $8 million estate in Alpine, N.J. But don’t worry about Snipes sleeping on the street. Apparently he has other accommodations since it’s no longer his personal residence.

According to real estate records, the "Blade" actor sold it for $5.6 million in 2002 to his Nevada-based production company, Kymberlyte Production Services.

According to news reports, Bergen County court records show that Kymberlyte paid $46,722 in 2006 property taxes, but didn’t pay $17,969 in interest and penalties. The Bergen Record newspaper reported that the company also
failed to pay $49,139 in 2007 taxes.

Looks like Snipes’ attorneys and accountants will be adding to their billable hours.

This state property tax issue comes on the heels of Snipes’ conviction last week (blogged here) of three counts of not filing federal income tax returns. He is awaiting sentencing on the IRS charges.

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TAX-SAVVY WAYS 
TO WRAP UP 2026

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.)

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