In addition to the honor and accomplishment of earning an Olympic medal, US athletes also earn an income tax bill. While it’s widely accepted that income earned is subject to federal tax, it’s not always clear, exactly, what is considered income. Internal Revenue Code 61 defines income as “all income, from whatever source…” This includes rents, royalties, commissions…and the cash honorarium awarded to US athletes by the United States Olympic Committee for winning a medal. Click here to read more.
An Olympic tax bill?
On behalf of Law Office of Williams & Associates, P.C. | Aug 3, 2012 | Uncategorized