The High Cost of Making It in Hollywood

Article Abstract:

Making it in Hollywood takes more than just having talent and finding a job. A person who succeeds in Hollywood is more and more like a business - not only do they spend money promoting the product (themselves), but they also have to have a support staff (such as a publicist, an agent, and a lawyer) to make sure they are handled properly. Also, conspicious consumption is very big in Hollywood, where stars often let others spend their money for them, and often do not know how much they made, or where it went. There is the fancy car, and the big house (with necessary staff) which also must be purchased to show you have made it in Hollywood. Tax shelters and drugs are also signs to everyone of Hollywood success. And stars, who must present the image that they are too concerned with their high minded pursuits to worry about money, often get financially ripped off. But it is all a part of making it in Hollywood, and is not as easy as it seems.

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Tales from the Shelter Shocked

Article Abstract:

In the quest to avoid the taxman, many people rush to put their money into tax shelters. While those tax shelters that do work out do, indeed , shelter income from current taxation, the enthusiasm with which investors rush to these shelters have spawned many which are fraudulent. To complicate matters further, the Internal Revenue Service (IRS) has now gotten involved and is disallowing many tax shelters it deems as fraudulent and is making those who invested in them pay back taxes, penalties and interest. Before investing in any tax shelter, the partnership and the partners should be checked out thoroughly. Several fraudulent tax shelters are described, along with tips for picking out reasonable tax shelter investments. As one financial planner noted, out of every one hundred tax shelters he examined, only ten were were worthwhile investments.

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Twelve Juicy Plums

Article Abstract:

Twelve of the best tax write-offs, along with three of the worst, are given. Among those items which could help to save money at tax time are: owning your own business, having an office (or two) at home, donating appreciated assets to charity, and owning a home. Among the worst tax shelters are: tax shelters with high write offs which could invite an IRS audit, and claiming home office expenses for managing your own investments.

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