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Accounting Tax

Gold Rush: Olympic Medals and Tax Penalties

The Cost of Winning an Olympic Medal = Big Bucks

For those who are victorious at this year’s summer 2016 Olympic games, there is a lot to celebrate. From sudden stardom to endorsements and publicity, those like Michael Phelps and Simone Biles are sure to have financial freedom in their future. But what about those medals? Does the IRS take a cut?

Athletes in Rio who win medals are awarded with cash prizes and this means they owe money to the government. For cash prizes, much like the lottery or gaming wins, there is a taxation rate of 39%. Monetary bonuses mean that Phelps and company could take home much more than $25,000 per gold medal. Have more fun with spinia casino erfahrungen. The USA Swimming Foundation and other groups offer stipends and extra cash for medals.

Members of Congress are arguing against a “victory tax” but others are arguing that winnings are simply akin to getting a bonus at work and should be taxed accordingly. After all, athletes already deduct travel, training and other expenses, so they might have to suffer a little financial hit from winning big in Rio.

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Accounting Income Tax Preparation Tax

Tax Time is Near in Longmont: Helpful Hints to Survive April 18th 2016

With tax time fast approaching, now is the time for many people to panic or scramble to file their taxes on time. As the old saying goes, you can always count on two things in life: death and taxes.

Over the years, our Longmont tax team has learned a few valuable lessons. Here are some of our favorite tax time helpful hints:

1. Don’t Wait Until the Last Minute
Postponing a plan for your tax situation will only add stress and distress down the line. Don’t fret if you’ve stalled or procrastinated on prepping your financial statements, receipts and transactions. At Gebauer and Company, our helpful CPA team can get you on the right track.

2. Shortcuts are Silly
Hiring a friend or long lost relative with some “loose” tax experience might seem like a great idea as well as a way to save money, in truth, qualified tax preparers won’t make mistakes that can cost serious scratch. Hiring CPAs will behoove your financial future and your peace of mind.

3. Self-Employed Take Note
The self-employed often miss insurance write offs, home office deductions and travel expenses. If you’re self-employed, it’s highly beneficial to hire a qualifed CPA to advise on your tax situation.

Our qualified accountants will help you wade through tax time with ease.

Contact Us Today!