It’s true what they say, mo’ money really does equal mo’ problems! I’m sure what’s going on with these celebrities dodging the system lately and now the trend is spreading overseas. Italian designers Domenico Dolce and Stefano Gabbana of the “Dolce and Gabanna” fashion empire, have allegedly been slammed for tax evasion in their native Milan, Italy. According to Time Magazine, the pair was allegedly convicted of tax evasion Wednesday for “failing to declare euros 1 billion ($1.3 billion) in income to authorities” AND they have both supposedly been sentenced to almost two years in jail!
As reported by Time:
Two years ago, a judge threw out a tax evasion and fraud case against the pair, whose label Dolce and Gabbana is a Milan fashion mainstay. Italy’s high court later ruled the designers could be prosecuted for tax evasion, though not for fraud. The designers have denied the current charges.
How to avoid “Tax Issues.”
- Decrease your number of exemptions to a true number.
- Don’t claim children that are not yours, during the year or on your taxes.
- Give your sister her children’s social security numbers back
- File your taxes by April 15 each year.
- If there are unforeseen circumstances, file for a 3 month extension.
- If you cannot pay all of your taxes at one-time, set-up a payment plan.
- Don’t forget to develop appropriate tax-shelters for yourself.
- Keep your money tight and hire a licensed CPA with an office.