U.S. Olympians who medal in Paris will also bring home cash, specifically, $37,500 for gold, $22,500 for silver, and $15,000 for bronze. And here’s an extra patriotic bonus—in 2016, Washington passed a law that says Olympians and Paralympians don’t have to pay tax on any of those winnings!
tax reduction
Hi Bob!
Did you know that the late Bob Newhart was an accountant before he launched his career in comedy?
Newhart was born in Chicago in 1929. He graduated from Loyola University with a degree in business management before getting drafted and serving here in the States as a clerk during the Korean War. From there, he went to United States Gypsum to work as an accountant. And if he had succeeded, we might never have heard of him! Sadly, his motto, “That‘s close enough,” didn’t work for his employers. Nor did his habit of balancing petty cash out of his own pocket.
Let’s take a look at that motto of his: “That’s close enough.” Was it really so disqualifying?
What I Did on Summer Vacation
Over the last month, we’ve discussed several videos circulating on social media purporting to help you save money on taxes. Today, we’re going to see how one would-be influencer mishandles the basic concept of “substance over form.”
Summer is here, and that means vacation travel. Unfortunately, vacations are pricey. Wouldn’t it be great if you could get a deduction for those beach nirvana expenses? Never fear, Anna from Instagram is here to show you the way: “Here’s how you’re actually gonna be able to write off travel with any of your family members!”
Could It Happen Here?
The Fourth of July holiday reminds many of us that these United States were forged with the flame of tax protest. On December 16, 1773, the Sons of Liberty—a group of Boston patriots disguised as Native Americans— redefined the term “tea party” to mean “throwing chests of tea into the Boston Harbor rather than pay the hated Townshend Act duties.”
More Social Media Secrets Revealed
Last week, we looked at the Venn diagram with unlikely circles representing “social media influencers” and “sound tax advice.” If you missed it, you’ll be shocked, shocked to discover very little overlap.
But just in case you thought it was safe to open TikTok again, here’s another example of a too-good-to-be-true social media tax claim that turns out to be, well, too good to be true.
Deep Thoughts About Taxes
Most people understand the word “stoic” to mean repressing one’s emotions or simply enduring patiently. However, at its core, stoicism boils down to the notion that it’s not events that upset us so much as our reaction to those events. Stoics look at what happens around them and ask, “Can we control this?” If so, they fight the good fight. If not, they don’t waste time, energy, or emotional balance fighting a battle they can’t win. That same philosophy can help manage the infuriating gauntlet we laughingly refer to as “the tax system.” Former president Jimmy Carter campaigned against it as “a disgrace to the human race,” and 50 years later, his attack still holds true.