Do You Believe in Miracles

olympics

The United States Olympic Committee awards cash prizes for bringing home the gold, and silver and bronze. These prizes are taxable despite complaints from lawmakers that, like the games themselves, roll around every couple of years. However, for most athletes not named Michael Phelps the tax bill for the prize is negligible. This is because the costs incurred for training and travel are deductible under the hobby loss rules for amateur athletes and as business expenses for professional ones.

If you need help with your taxes, contact us at 816-524-4949 or visit our website at www.Hoorfarlaw.com.

This entry was posted in General and tagged , , , , , , , . Bookmark the permalink.

Leave a Reply