How Olympic Medals are Taxed

How Olympic Medals are Taxed

Olympians are definitely stuck contending with tax bills resulting from their victories. Most prizes and awards are taxable whether you win $100 at a fishing competition or a dishwasher worth $2,000 on a gameshow. The Olympic committee awards $25,000 to gold medalists, $15,000 to silver, and $10,000 for bronze but what makes Olympic medals an interesting phenomenon is that the winners must pay taxes not just on those cash awards but the actual value of the medal itself.

Why Hire A Portable CFO?

Why Hire A Portable CFO?

Why Hire a Portable CFO? Let’s be honest: Entrepreneurs and small business owners wear many hats. During the regular course of a day, you may find yourself handling customer tasks or orders, interfacing with vendors, or dealing with couriers and shipping companies....
Taxes & Recordkeeping For Uber, Lyft & Other Rideshare Drivers

Taxes & Recordkeeping For Uber, Lyft & Other Rideshare Drivers

The rise of the sharing economy brings about a great deal of tax concerns, whether you rent out your home on Airbnb or pick up groceries on Instacart. Rideshare services like Uber and Lyft are a fact of life today. Whether you drive for these apps full-time or as a side hustle, you’ll get a 1099 so the IRS gets a copy and you have to report this income on your tax return. What to do?

Estimated Taxes: Who Has to Pay Them and How?

Estimated Taxes: Who Has to Pay Them and How?

The majority of taxpayers pay their taxes due annually when filing their tax return for the year. In some circumstances, however, taxes must be paid to the IRS on a quarterly basis. These tax payments are called estimated taxes because they are based on the amount of income that an individual or business expects to make for the year.

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