Mark Cuban shares his 9-figure tax bill on IRS due day
Billionaire entrepreneur Mark Cuban has revealed how much he owes in taxes to the IRS.
Cuban has to pay a total of $275,900,000, according to a social media post from Monday. Cuban had shared a $288 million estimate on Sunday, after being asked by a writer if he or his "corporations pay more than the required taxes in order to pay your fair share."
Cuban replied that he pays what he owes. "This country has done so much for me, I'm proud to pay my taxes every single year," Cuban said in a Sunday social media post. "Tag a former president that you know doesn't."
He did not specify which president he was referring to.
In his Monday update, Cuban said while he doesn't expect all of his tax money to be used wisely, he's proud to give back to the country.
"I've said it for years. After military service, paying your taxes is the most patriotic thing we can do," he wrote.
Cuban is worth $5.4 billion, according to an estimate by Forbes.
In another post, the Dallas Mavericks owner and "Shark Tank" investor said that he used to use his tax refund for his savings account, then started investing everything he had in his business.
"Then as I got some money I bought tax free bonds to save on taxes," Cuban said. "I still do that. I also located and funded a company in an opportunity zone. That saved me taxes but you have to spend 2x that amount on the business."
The deadline to file taxes is Monday. Returns are due by 11:59 p.m. in your time zone, with some exceptions. Taxpayers can request an extension.
Cuban warned people to be careful with their taxes.
"I always get audited, it's not worth the risk to try some of the schemes that are out there," he said.