The Olympics has wrapped up and it caught the attention of most of my friends, even if only for a minute.
My friend’s four-year old daughter was even wrapped up into the Olympics especially gymnastics. I found myself watching when I could and found it to be quite inspirational.
However, I have to say that I’m a little sad to hear how much has been made about the athletes and their endorsement deals and the taxes that they will pay, could have paid, or should have paid. I even wrote about the “Tax Exemption in Place for Olympic Athletes.”
Maybe I was naïve when I was young, but I just remembered people winning gold medals and ending up on cereal boxes. I don’t remember all of the bickering and media coverage regarding whether or not the athletes should pay taxes on their medals.
Obviously, the athletes that are representing their countries are the best in a particular sport or else they wouldn’t be there. So, does that mean we call them professionals and they have to be taxed? Or is this truly, an amazing display of countries coming together every four years for friendly competition?
I am not saying that money shouldn’t be made and that countries shouldn’t profit, but for the athletes that train their entire lives, let’s leave them out of it. They spent their money fighting for a spot to compete at the world’s highest level why do we have to tarnish that time with tax conversation.
Businesses will always skyrocket with regards to the Olympics. There are too many people travelling who need places to eat, sleep, and shop while they are supporting their country. Those businesses that will profit will pay their taxes and that should be sufficient for the government.
What do you think? Am I off my rocker? I’m proud of the athletes and all of their accomplishments and am saddened by the tax talk. To all of the athletes—cheers and congrats!
As far as you and your taxes—let’s not wait until the end of the year to plan your strategy. Stop into Liberty Tax® today!
Disclaimer: Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.