Posted On November 27, 2012

Options exist for Las Vegas residents with overwhelming tax debt

For many residents of Las Vegas, tax debt can be a very real problem. While most people won’t find themselves facing millions of dollars in back taxes, some celebrities have faced this very issue and not all have had a positive resolution. The Hollywood actor, Nicholas Cage, is facing serious tax debt but appears to finally be getting a handle on it.

The actor reportedly owes the IRS a whopping $6 million in debt. So far he has managed to pay off over half a million on a tax lien over gifts he gave to his family and friends over the space of about five years. However, his debt to the IRS is almost 10 times that amount.

The actor has faced dire financial trouble since 2009. During that year, he filed a multi-million dollar lawsuit against his former business partner, accusing him of misappropriating his hard earned money. Cage blames him for his financial trouble, but the manager counter-sued Cage and accused him of squandering his money. He stated he warned him repeatedly that he was over spending and that he would suffer financial ruin if he continued to spend so irresponsibly.

About two years ago, Cage stated he had already paid over $70 million in taxes during his career, and he would pay the IRS anything he owed. So far, he has kept his promise and has paid off additional back taxes over $6 million during 2012. Tax debt is an issue many Las Vegas residents will face at one point in their lifetime. While it can be stressful to have such a financial burden, legal options exist that could help manage the debt and make it easier to take care of.

Source: International Business Times, “Nicolas Cage Still Paying Back $6 Million In Tax Debt: List Of His Most Ridiculous Purchases,” Nov. 19, 2012