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Does Mitt Romney Owe Back Taxes?

Presidential Candidate Alleged to Have Overseas Accounts

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Presidential candidate and former Massachusetts governor Mitt Romney has received a lot of media attention over the past couple weeks, and who knows whether it’s helpful for his campaign to be leader of the free world.

Romney is known for making a few millions – and then some – after his tenure at the financial management firm Bain Capital. He cites his financial and professional success as key to his presidential qualifications.

But a recent magazine article in Vanity Fair alleged that Romney holds overseas financial accounts in countries like the Cayman Islands and Bermuda, and possibly Luxembourg. The political fallout only swells when combined with his hesitancy to publicly release his tax returns.

Romney’s overseas accounts don’t seem to add up to chump change: his 12 investment funds in the Caymans linked to Bain are supposedly worth a cool $30 million.

Rebutting the charges, Romney stated in an interview that his wealth was handled by a blind trust and that he had no knowledge of its international whereabouts.

But whether you’re a successful businessman or a blue-collar working Joe, back taxes affect everybody. Is it possible Mitt Romney owes back taxes to the IRS? The IRS doesn’t treat you any differently if you don a suit and tie to work every day instead of a uniform.

The old adage is that the more money one has, the more problems there are. But with that much money, an accountant is likely involved in setting up the tax returns. And if the accountant makes a mistake concerning foreign accounts, for example, then the taxpayer is still on the hook for the tax debt.

The reality of Mitt Romney’s own tax situation won’t be known until he releases years worth of his tax returns. Whether that happens over the course of the campaign remains to be seen.

But by working with a tax professional, you can get current with your tax situation and possibly prevent an IRS wage garnishment or bank levy.

You may not be running for president, or be worth millions of dollars, but you can always find success with your finances with the right help.

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