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!
taxes
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.”
Between a Rock and a Hard Place
The IRS conducts worker classification audits on a regular basis. The problem with worker misclassification is significant and erring on the wrong side can result in back taxes, penalties, and interest on unpaid taxes for the business owner. Additionally, because IRS and States share information with each other, a successful misclassification case will result in the other agency looking to the employer for their share of the employment tax pie.
Financial Relativity
Time travel is a classic movie staple, to the point where you can hardly venture into your neighborhood metroplex without seeing someone in a rush to get to the past or the future. In The Terminator, Skynet sent a Cyberdine Systems Model 101 (aka the T-800, aka Arnold Schwarzenegger) into the past to kill John Connor’s mother. In Back to the Future Part II, Marty McFly drives his DeLorean 30 years ahead to save his son from sabotaging his family’s future. And in Avengers: Endgame, the gang goes back to 2012 New York to steal the Time Stone, Mind Stone, and Space Stone to keep Thanos from snapping his finger and exterminating half of all life in the universe.
Former Baltimore City prosecutor Marilyn Mosby committed fraud, against her future self. That may sound melodramatic in a movie trailer. But should she really be facing punishment for it?