When it comes to rap stars and money, it’s all about the Benjamins. But rapper and music producer Jermaine Dupri lost a lot of Benjamins when he didn’t pay his taxes on time. A lot being $240,000 worth. That’s a lot of $100 bills.
Dupri’s known for his hip hop hit “Welcome to Atlanta” where he raps about partying every day of the week. But all that partying seems to have served him an expensive lesson.
He owed nearly $255,000 in taxes, which for a music mogul like himself could be pocket change. But that giant lien ended up costing more than $490,000 after extra costs were added on.
Dupri has brought many hip hop acts into the music industry, including Destiny’s Child and Beyonce Knowles. But his business and musical acumen couldn’t shave off the $91,000 in interest, $65,000 in penalties and $82,000 in collection fees he had to pay to bring his tax debt to zero.
He ended up paying nearly twice what he owed, and his situation isn’t any different from other people who owe back tax debt to the IRS.
Where a famed rapper fell short, you can prevail. If you owe back taxes, hiring a skilled tax attorney can stack the odds for a favorable outcome in your favor, helping you avoid massive penalties and interest fees. Even if you don’t have a huge recording contract, the money you save could be music to your ears
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