Rapper Young Buck experienced his second wake-up call with the IRS on August 3. Instead of waking up to breakfast and orange juice, he was greeted with armed federal agents at his home in Nashville, Tennessee. He owed backtaxes to the tune of $300,000. While Young Buck had tried to protect his assets by filing an injunction to protect his assets, it ultimately would not save him or his “assets” from the IRS.
Among the numerous items seized were jewelry, recording equipment, and other material items. The federal agents went further to take his children’s video game systems and computers. He was able to keep his home and a few vehicles. XXL reported that Young Buck responded over the situation with the following:
“I have a new team in place, but I am also paying full attention now,” he continued. “Nothing like this will ever happen again. This is a huge wake up call for all entertainers to stay on top of your own trusted employees and team members, and replace anyone that was put in place by your record label if the situation you have goes sour. This IRS situation came about because I trusted accountants, lawyers, and managers to handle my business for me while I focused on making music. From now on, I am going to stay on top of my own business.”
Frankly, we’re not surprised. This was the second time Young Buck has been caught practicing financial neglect. Back in 2008, Miss Info reported that 50 Cent graciously bailed Young Buck out of trouble with the IRS by paying his backtaxes of about $500,000. However, he “celebrated getting off the hook, by buying a Bentley. But either way, 50 recouped $300k of his loan over time by taking…Young Buck’s royalty checks.” Not even two years later, he gets back into the same situation. Sometimes, people need to learn the hard way.
Hardly Wealthy Behavior
We’re not sure where to start. There were numerous red flags. These were major No-No’s:
- Practicing gross consumption while owing taxes to the IRS
- Buying a Bentley after being bailed out by 50 Cent the first time
- Not securing a business enterprise to sustain your lifestyle
- Not downgrading your lifestyle after losing significant income
- Failing to learn how to manage money from the three major business protégés around you (50 Cent, Eminem, & Dr. Dre)
- Having your family have to be punished for not taking care of your finances
- Not acquiring the help of a reputable financial advisor and accountant
We really hope this time is the last time. However, we have to honestly say that if the hardly-wealthy behavior keeps up, the raid may be a precursor to much bigger consequences. Let’s learn the lesson that Young Buck and countless others did not: stay on top of your taxes.
*Images courtesy of BET and Antoine Dodson’s facebook page.
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