Initially, I planned on following up
the last post with more conversation about being creatively stuck and how
frustrating it can be when artists feel they cannot produce or express
themselves creatively. Obviously, the
topic is extremely important to me, and a conversation we will continue, but of
equal importance is the topic of creatively minding our business. That is what I’m all about right?
So when I fired up my laptop a few
days ago and saw the article in Billboard
talking about R.
Kelly and his tax problems, I just had to address this. One would think that in 2012, with the
numerous highly publicized financial issues that have impacted artists’ lives
over the past years, that we would have seen the end of these stories. But alas, we have not.
According to the article, not only did
his home fell in to foreclosure last year, but the IRS is now holding him
accountable for payment of taxes dating back to 2005. While his representatives are not commenting,
The
Chicago Tribune indicates that there are liens filed against for
approximately $4.8 million.
This made me wonder if any of his
managers or financial advisors recommended he make estimated tax payments to
the IRS at any point during his career. This
simple financial process would have helped him avoid this latest
challenge. For an artist with so many
years of success in the music business, it would seem like common sense that he
would either have personally done a better job or had individuals in place that
would help him better manage his economic situation.
Far too often, as we’ve seen while
artists are busy with the business of creating, someone else is managing their
finances and many times to the detriment of the artist and their families. It is becoming even more important in this
time that artists really take charge of their financial present and future.
Just my thoughts. Looking forward to hearing yours. Until then creatively mind your business.
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