by Heather Covington
Author of Debut novel Tekila Nika www.Heather-Covington.com
Derek Jeter recently purchased an apartment in New York. After 185 days of living in a New York estate, you are considered to be a resident and subject to NY state taxes.Owing back taxes is not the end of the world, but if you’ve been accepting off-the -book fees or cash for attending big events and never paid taxes, the government can make an estimate of how many events you attended and possibly received funds by auditing your planner. Every CEO is required to have a planner with dates and attendance to all events because of course you itemize all of your expenses as deductions. You don’t do this unless you can account for all expenses, but financial planners and accoutants looking for a big tip somehow hook up their celebrity clients who get into trouble later on. This is nothing new. Fred Fox and a well known R& B SOUL Crooner, Latin star and mega black movie mogul got caught. It doesn’t help when you have an accountant who doesn’t properly follow up on all of one’s expenses. The best thing for artists to do is handle their checks and business. It’s real simple. You plan a day to sit at your desk and catch up on weekly, monthly and annual expenses. It’s never too late to start. What’s sad about Derek Jeter is that auditors went back to the most lucrative time period of his career when he earned a huge contract and bought other estates. Derek owes millions now. Troubles like this can even cause advertisers to cancel endorsement deals. I am almost sure Derek has several endorsements. Folks may not realize that Derek Jeter is an African-American man, but of course the black community won’t come to his defense on this one. Can you guess why?
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