THR's Power Business Managers 2012
“I have one very successful entertainment client who told me, ‘Next to my shrink, you’re my most trusted adviser,’ and that kind of summarizes what we do,” says Steve Levitt, whose clients include actors, writers and producers as well as several executives, agents and lawyers.
He says he abides by a simple strategy for investments: “The unusual ones tend to be the money losers. Restaurants sound fun until the money is gone.” What’s occupying much of Levitt’s time nowadays is the “fiscal cliff,” shorthand for the expiration of the George W. Bush tax cuts. “Those rates expire at the end of the year, and Congress has done nothing to extend them or enact new tax laws,” he says. “Surprisingly, many people in Hollywood focus a lot on taxes.
After paying their agent, lawyer and business manager, they realize their tax bill is a big number. My job is to make sure there are no surprises.”