How Much Taxes do the American Celebrities Pay?

When I first started learning about IRS and tax payment session, I was a little bit intrigued to learn more about the money celebrities have to pay under tax section. I started my research in this matter but failed to get my hands on any particular number. Instead, I came across some of the troubles that celebrities got them into just because they failed to pay their taxes on time.

I even got a list of some famous personalities caught in the jungle of tax trouble after watching a video on YouTube namely Top 16 Celebrities Who Lost It All - By Not Paying Tax. It was shocking and at the same time good to know that these celebs are not getting any special treatment.

Do you Know How Much Foreign Income is Tax Free?

Before you know the exclusions of the tax amount, you have to understand that the rules of filing tax returns apply to those people who live or work in a foreign country. With income sources ranging from wages, tips, consultancy fees, social security interest, farm income, income through rental property, capital gains, pension fund, and various other sources. You may be liable to file tax returns 

if you have not resided in the country for several years. Apart from this, the tax obligations may remain if you are married to someone with income sources if all or a part of your income was already taxed at the source and all of it is earned through the foreign sources.

The Penalties If You Don't File Your Taxes For One Year?

As a US citizen living abroad and working for many years, I have not filed the tax returns for about a year. However, I am scared now as I may face a series of consequences or penalties. While looking for solutions on the internet, I have suddenly come across Important Facts about Filing Late and Paying Penalties in the government website.

So I have decided to go deep and study how I may be framed for not paying the taxes. The failure to file the return within the deadline and the grace period comes under the assessment of the tax department and they will put me under the failure-to-file section. I have to pay about five percent of the unpaid tax and the same amount will apply to every month. However, I may have to pay hundred percent of the unpaid amount as I have failed to pay taxes for about a year now.