Nic Cage's new line: I'll pay the tax, (IRS) man

After taking a pounding from Uncle Sam, Nicolas Cage is ready to cry uncle.

Cage, the Oscar winner turned accused tax cheat, said he's making amends with the IRS. The 46-year-old said he's paid what amounts to a national treasure to the IRS -- $70 million -- during his career. "Unfortunately, due to a recent legal situation, another approximate $14 million is owed to the IRS," he told People Magazine in a story published Friday.

"I am under new business management and am happy to say that I am current for 2009," he added. "All taxes will be paid, including any to be determined state taxes." The IRS hopes that it's no act.

It seems Cage, who next appears in the March release "Season of the Witch," is going to have to conjure some magic to emerge from what appears to be a financial meltdown. His statement to the celebrity weekly follows the government slapping his real estate holdings with a lien plus an additional $6.7 million from his 2008 return. And that's just the latest in this debt-ridden drama of multiple sequels.

In a brutal span of six weeks recently, his former girlfriend Christina Fulton sued him for $13 million for allegedly hindering a property deal; his former business manager countersued him; and Red Curb investments sued him for $3 million, claiming outstanding loans.

That was also around the time when the IRS informed Cage that he had to fork over the additional 6.7 million clams. Cage negotiated a settlement with the government over his returns from 2002 to 2004, somehow trimming a $3.3 million outstanding IRS bill for iffy deductions to $660,000.

His real estate portfolio won't be gone in 60 seconds, but he's doing his darndest to get rid of it because of pressure there as well. Last year he sold his 28-room castle to his German business adviser and also had five other properties, including a private island, reportedly on the block.

The Gift Tax Made Simple

If you make large enough gifts to relatives or friends, you might owe the federal gift tax. Here are the basics on how the tax works.

Read More

Brought to you by

4 Last-Minute Ways to Reduce Your Taxes

Even if you've already earned most of your income for the year, you can still make some common-sense moves to reduce the amount of income taxes you owe in the current tax year. If you own a business, you have access to an even greater variety of ways to reduce taxes.

Read More

Brought to you by

Charitable Contributions

Learn how to get the biggest tax savings when making charitable contributions of cash or checks, household goods, cars or appreciated property.

Read More

Brought to you by

Deducting Medical Expenses for a Major Illness or Injury

TurboTax helps you understand medical expense deductions, HSA and MSA distributions, flexible spending accounts, IRA and 401(k) payouts for medical expenses, and more.

Read More

Brought to you by
Read Full Story
Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.