The popular “The Fresh Prince of Bel-Air” TV series made Will Smith a household name. It also got him out of tax trouble with the IRS, according to an article from The Hollywood Reporter.

It was in the late 1980s that Will Smith had his first taste of fame. His smash hit “Parents Just Don’t Understand” with DJ Jazzy Jeff topped the charts.

Unfortunately, Smith spent all the money he earned from the song. He also neglected to pay taxes on that money. His second album didn’t fare so well, so his search for income alternatives began.

His girlfriend at the time suggested he might meet someone with influence just by “hanging around” The Arsenio Hall Show Paramount studio.

Turns out, she was right.

Smith found himself brainstorming an idea for the TV show with Quincy Jones, This led to an informal audition with NBC’s Brandon Tartikoff.

And so a TV legend was born!

Tax Lesson Learned

Taxes are typically not the first thing on a young man’s mind.

If you work for an employer, that employer (should) already be taking taxes out of your paycheck.

Yet, when you are earning money independently, the entity paying you does not have this responsibility.

They do, however, have to tell the Federal Government what they paid you. This can lead to big tax bills if you aren’t making plans for paying for or withholding taxes yourself.

It’s always better to deal with your taxes in the year you earn them.

That’s why many independent contractors pay quarterly taxes. If they waited until the end of the year, it would be a much bigger check they would have to cut.

A New Life Awaits You

Besides the practical implications, there’s another takeaway from Smith’s story.

When faced with a challenge, we can rise above it. We can even have a much better outcome and life than we ever expected.

If Smith hadn’t had the tax trouble, would he have been as motivated to stand outside of Paramount’s studio, waiting for someone influential to walk by?

Probably not.

But he did, and it led to his smash hit TV show and to a life of fame afterward. Not to mention an estimated net worth of $260 million today.

You, too, can survive and thrive after tax trouble.

Take the first step by talking with an experienced tax professional. For a complimentary initial consultation, call (772) 337-1040 or set up an appointment online.
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Jeffrey Schneider, EA, CTRS, NTPI Fellow has the knowledge and expertise to help you reach a favorable outcome with the IRS. He is the head honcho at SFS Tax & Accounting Services as well as the Enrolled Agent and Certified Tax Resolution Specialist for SFS Tax Problem Solutions.
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Now What? I Got A Tax Notice From The IRS. Help! Defining and deconstructing the scary and confusing letters that land in your mailbox. Jeff defines and deconstructs the scary and confusing letters in a fashion that mixes attention to detail with humor and an intricate clarification of what is what in the world of the IRS.

The book is available in paperback and ebook on https://Amazon.com
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For more on SFS Tax Problem Solutions, visit: http://sfstaxproblemsolutions.com/
For more on SFS Tax & Accounting Services, visit http://sfstaxacct.com/
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