Here at Econ4U, when I catch a celebrity screwing up in a major financial way, I recap the story in our Famous Financial Flubs section. Not because I’m gleeful at someone else’s misfortune, but because it can serve as a valuable lesson for everyday people and help everyone handle their money better. However, WalletPop columnist [...]
It may not be as big as the half-million tax lien that the IRS filed against Val Kilmer in January, but yet another movie star is finding himself in trouble with the taxman. And they’ve made him an offer he can’t refuse. Gossip website TMZ.com reports that the Internal Revenue Service filed a tax lien against Pacino last [...]
February 22, 2011 – 5:34 pm
Desperate Housewives star Eva Longoria has filed a Chapter 11 petition in bankruptcy court on behalf of the restaurant and nightclub she owns in Las Vegas. Beso and its upstairs nightclub Eve opened in the CityCenter at the MGM Resort in December 2009, but a little more than a year later, the property lists $2.5 [...]
February 1, 2011 – 1:05 pm
Just when you think playing for the NBA couldn’t get any better between the insane paychecks and adoring fans, here’s a new perk: If you’re a big enough star, your employer will even pay your way out of trouble with the Internal Revenue Service. That’s what former Miami Heat point guard Tim Hardaway found out [...]
January 11, 2011 – 1:59 pm
Val Kilmer may have played Iceman in Top Gun, but he’s not about to outmaneuver the taxman for the second time. In April 2010, Kilmer settled a $538,858 tax debt with the IRS. But that wasn’t all he owed to the feds, because in November, the IRS filed a new lien — worth $498,165 — [...]
November 30, 2010 – 2:39 pm
Forget keeping up with the Joneses — in 2010, the worst money mistake you could make is to keep up with the Kardashians. In mid-November, the celebrity trinity of Kim, Kourtney, and Khloe Kardashian released the Kardashian Kard, a prepaid debit Mastercard marketed at teens and other fans of the reality television stars. Kim described [...]
October 26, 2010 – 1:20 pm
Grammy-winning R&B singer Toni Braxton has filed for bankruptcy protection in Los Angeles in a last-ditch effort to pay off her debts, which she estimates to total between $10 million and $50 million. She claims medical bills to treat a heart condition are behind her drained bank account. However, this isn’t Braxton’s first time in [...]
Welcome to this week’s edition of our Tuesday Top 5, Econ4U’s weekly tips post to help you manage your money in five easy steps. Tax Day has come and gone, but for certain members of Hollywood’s elite, April 15 was just another Thursday. Too bad debt collectors and the IRS don’t see it that way. While [...]
British celebrity chef Gordon Ramsay, well known for his reality show Hell’s Kitchen, is raising a little hell when it comes to his taxes. Despite success across the pond (he ranks third in Michelin stars) his U.S. company, Gordon Ramsay New York, was forced to hand over his signature New York restaurant last year to [...]
October 29, 2009 – 9:51 am
Former NBA star Antoine Walker is the latest athlete to serve as a sad reminder of the importance of fiscal discipline. The Boston Globe recently reported that Walker, a 6’9” small forward who made at least $110 million over his 12 years in the NBA, owes more than $4 million to creditors. This comes after a [...]
