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Inside This Issue pg 1 ∙ How to Escape the Success Trap pg 2 ∙ What’s Your Future Vision? pg 3 ∙ The IRS Update pg 4 ∙ Mastermind Member Spotlight pg 5 ∙ We’re Accepting Founder’s Applications Now! pg 6 ∙ Shout Outs! pg 8 ∙ Tax Trouble in Tinseltown: Inside Danny Trejo’s $1.1 Million IRS Deal
IRS Terror Tale of the Month The IRS Squeezes $1.1 Million From Bankrupt Actor Danny Trejo
Actor Danny Trejo is best known for action films like “Spy Kids,”“Machete,” and “Desperado” — but now, he’s under fire in real life. This February, Trejo filed for Chapter 11 bankruptcy when the IRS came calling for its share: over $2 million in unpaid back taxes, all accrued through Trejo’s incorrect deductions. Trejo’s filing listed a total of $3.6 million in liabilities and just $2.2 million in assets. But if he hoped crying, “Bankrupt!” would save him from the IRS completely, he was dead wrong. Trejo earned more than $6 million in the last three years from his acting gigs and business investments (including Trejo’s Tacos, Trejo’s Coffee & Donuts,
and the record label Trejo’s Music), so the IRS still wants its cut. This summer, the Hollywood star proposed a deal requiring him to pay the agency $1.1 million by 2028. If the ink dries on the agreement, Trejo will shell out $200,000 per year to the agency from October 2023 to February 2028. Then, he’ll add another $300,000 to the pot for a total of $1.1 million. Additionally, in August 2023, Trejo had to put his second home up for sale, due to his lack of work because of Hollywood’s writers and actors strike, so he can meet the terms of the 60-month repayment plan to the IRS through the Chapter 11 bankruptcy.
This may seem like a bundle for a man with just $2.2 million in assets, but records show Trejo typically makes about $2 million per year with just $168,000 in annual expenses. When you crunch the numbers, it seems he shouldn’t have any trouble paying off the IRS, and thanks to the payment plan, he’ll save nearly $1 million in the process. It’s worth noting that Trejo only filed for personal bankruptcy — leaving his successful taco, doughnut, and music empires untouched. Between that safety net and his payment plan, odds are he’ll end up okay from his “Desperado”-style IRS tangle, albeit with lighter pockets.
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