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28 July 2021
17:54 hour

TaxWatch: 3 ways Olympic athletes’ taxes are different than yours

Market Watch

22/07/2021 - 06:05

There are rules about when the IRS can and can't go for the gold.


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Related headlines:

  1. SportsWatch: Olympic officials uphold ban against athletes protesting on field or medal stand (22/04/2021 - Market Watch)
    Olympic athletes will not be allowed to take a knee, raise a fist or otherwise protest on fields of play or medal podiums, the International Olympic Committee said Wednesday, in an announcement upholding its current ban on political demonstrations.
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  2. Livability: 23 cities that raised some of this year’s U.S. Olympic athletes (26/07/2021 - Market Watch)
    These athletes are all hometown heroes, and in the cities they hail from, people will be cheering louder than anyone.
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  3. Kontrol BioCloud to provide real-time viral detection technology for the Canadian Olympic Committee at Tokyo 2020 (09/06/2021 - Reddit Stock Market)
    Yesterday Kontrol Technologies announced that Kontrol BioCloud covid-detection units will accompany the Canadian Olympic Committee to Tokyo to help keep them SAFE... What other countries' teams may have the benefit of this technology remains to be seen with Canada leading the way! "These safe space technology units will be used at the Olympic Games within Team Canada's residential areas including the Athletes' Village. "Protecting the health and safety of Team Canada, which has always been a top priority, needs innovative solutions in our current global context," says Dr. Mike Wilkinson, Team Canada's Chief Medical Officer. "The addition of Kontrol BioCloud really complements the stringent protocols put in place by the COC, International Olympic Committee and Tokyo 2020 Organizing Committee to protect the health and safety of our team. This technology provides another layer of protection with air quality monitoring so that our athletes can focus on their pursuit of the podium."   submitted by   /u/FIAT600Money [link]   [comments]
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  4. TaxWatch: How to claim stimulus money on your 2020 taxes. ‘It’s really the only vehicle that you have right now’ (04/03/2021 - Market Watch)
    36% of taxpayers said the Recovery Rebate Credit was the 'most confusing' part of taxes this year.
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  5. TaxWatch: Is it OK to cheat on your taxes? The IRS polled Americans for an answer (25/06/2021 - Market Watch)
    While Congress debates tax hikes and infrastructure deals, they may want to note Americans' feelings about tax cheats and the duty to pay taxes
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  6. 16 new Olympics-related COVID-19 cases, but no athlete and none from Games Village (28/07/2021 - Financial Express)
    The Olympic Games organisers announced 16 new COVID-19 cases associated with the event on Wednesday but none of them were athletes.
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  7. Key Words: ‘I am a gay man and also an Olympic champion’ — Tom Daley after winning a gold medal in Tokyo (27/07/2021 - Market Watch)
    There are at least 168 athletes at the Tokyo Olympics who are publicly out as gay, lesbian, bisexual, transgender, queer or nonbinary. That figure is three times the number than at the last Olympics in 2016 and over seven times the number at the London Games.
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  8. TaxWatch: What to do if you already filed taxes but want to claim the $10,200 unemployment tax break (12/03/2021 - Market Watch)
    'It's in everyone's interest to get this sorted quickly.'
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  9. TaxWatch: What to do if you already filed taxes but want to claim the $10,200 unemployment tax break (12/03/2021 - Market Watch)
    'It's in everyone's interest to get this sorted quickly.'
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  10. Retirement Weekly: How to help professional athletes make their money last when they retire (23/07/2021 - Market Watch)
    Setting pro athletes up for success off the playing field
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  11. Push to the limit: Will Tokyo Olympics end the agonising wait of athletes? (13/02/2021 - Financial Express)
    Will rustiness slow athletes down or the rested bodies take unprecedented flight and light up the 2021 Games
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  12. TaxWatch: Need to report bitcoin trades on your taxes? Here are 5 things to know first (25/02/2021 - Market Watch)
    For the first time, the IRS is asking about virtual currency transactions on the first page of its main income tax form.
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  13. TaxWatch: ‘It is simply not possible.’ Calls for tax deadline extension mount as accountants say they can’t do everything by April 15 (05/03/2021 - Market Watch)
    Meanwhile, Americans are filing their taxes at a brisk pace, IRS data show.
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  14. TaxWatch: ‘It is simply not possible.’ Calls for tax deadline extension mount as accountants say they can’t do everything by April 15 (05/03/2021 - Market Watch)
    Meanwhile, Americans are filing their taxes at a brisk pace, IRS data show.
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  15. TaxWatch: Are you late filing your 2020 income taxes? 3 easy steps to get them off your back (17/05/2021 - Market Watch)
    The IRS has received 126.7 million returns through early May, around 1% fewer than the same point last year.
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  16. TaxWatch: Don’t know whether to file taxes early or wait? 5 questions to help you sort it out (12/02/2021 - Market Watch)
    ‘Last year was panic. This year is uncertainty,’ says one tax accountant.
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  17. TaxWatch: Counting on a tax refund or stimulus check? 5 things to know before filing your taxes (12/02/2021 - Market Watch)
    Tax season starts Feb. 12, and the filing deadline is April 15.
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  18. TaxWatch: ‘That works like a charm’: Tax experts find ways for their clients to qualify for the third round of stimulus checks (09/03/2021 - Market Watch)
    'There are only two tax codes in the world: One for the informed and one for the uniformed,' one adviser says.
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  19. TaxWatch: ‘That works like a charm’: Tax experts find ways for their clients to qualify for the third round of stimulus checks (09/03/2021 - Market Watch)
    'There are only two tax codes in the world: One for the informed and one for the uniformed,' one adviser says.
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  20. TaxWatch: Did you skip mortgage payments last year? Here’s what that means for your taxes (11/02/2021 - Market Watch)
    Millions of Americans received forbearance on their mortgages over the past year, and that could have tax implications.
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  21. TaxWatch: Attention gig workers: Here’s one important tax deadline that has NOT been delayed (18/03/2021 - Market Watch)
    May 17 is the new date to file 2020 income taxes and pay any amount due, but freelancers and other independent workers may have to send the IRS money before then.
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  22. : Sports bettor Ben ‘Parlay’ Patz sentenced to 36 months probation for threatening athletes (03/06/2021 - Market Watch)
    Patz threatened to kill athletes who ruined his sports bets.
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  23. : Sports bettor Ben ‘Parlay’ Patz sentenced to 36 months probation for threatening athletes (03/06/2021 - Market Watch)
    Patz threatened to kill athletes who ruined his sports bets.
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  24. : Gonzaga star Corey Kispert’s advice to student-athletes in the NIL era: ‘Go after what you’re worth and be careful while doing it.’ (27/07/2021 - Market Watch)
    College athletes are now allowed to make money from their name, image or likeness, but Kispert just missed the chance to profit off his brand in college
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  25. TaxWatch: Did you refinance your mortgage last year? Here’s how it could affect your taxes (03/03/2021 - Market Watch)
    The GOP tax cuts included changes to the mortgage interest deduction that could come into play if you decided to refinance in 2020.
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  26. : Medical chief says 83% of U.S. athletes at the Tokyo Olympics have been vaccinated (23/07/2021 - Market Watch)
    About 100 U.S. athletes in Tokyo are unvaccinated as the Olympics begin.
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  27. : College athletes are cashing in on their name, image and likeness — what brands are giving them money? (02/07/2021 - Market Watch)
    College athletes are agreeing to sponsorship deals after the NCAA changed its rules about profiting off their name, image and likeness.
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  28. Idea Exchange with Olympic gold medallist Abhinav Bindra: “Don’t know how Olympics will transpire. Must go in with open mind. Protocols in place, but will they be enough? Don’t know” (25/07/2021 - Financial Express)
    "Sports has tremendous power, to challenge, to inspire, to change, to heal, to unite and to create magic. I believe these Olympic Games are extremely important given what the world has faced in the last year-and-a-half," says Bindra.
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  29. The Value Gap: ‘There are inherent disparities in the system’: Former NBA players say new NCAA rules will make college more equitable for athletes (20/07/2021 - Market Watch)
    College athletes can now profit from their names, images and likenesses — a rule that would have come in handy for former Golden State Warriors Adonal Foyle and Festus Ezeli, who both faced scrutiny while on basketball scholarships in college.
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  30. TaxWatch: Millions of Americans who were unemployed last year face another shock: A 2020 tax bill they can’t afford (10/02/2021 - Market Watch)
    A new bill wants to block federal income taxes on the first $10,200 a person received in unemployment benefits last year.
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  31. : How athletes are ‘breaking the boredom’ from all the COVID-19 restrictions at the Olympics (27/07/2021 - Market Watch)
    It’s typically a very social environment at the Olympics, with athletes from all over the world hanging out together, but because of the COVID-19 pandemic, there are a lot of new rules and restrictions in place to lower the risk of competitors contracting or spreading the virus --- and they’re making the Tokyo Games unique.
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  32. TaxWatch: Here’s a ray of hope for people worried they missed a valuable tax break on jobless benefits by filing too soon (18/03/2021 - Market Watch)
    Though jobless benefits count as taxable income, one part of the sprawling law says the first $10,200 of those benefits are exempt from federal income taxes for households making under $150,000.
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  33. : Conor McGregor tops the list of highest-paid sports stars of 2020 (14/05/2021 - Market Watch)
    Forbes releases its list of highest-paid athletes of 2020 and athletes including Conor McGregor and LeBron James had huge earnings outside of their sport.
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  34. : Conor McGregor tops the list of highest-paid sports stars of 2020 (14/05/2021 - Market Watch)
    Forbes releases its list of highest-paid athletes of 2020 and athletes including Conor McGregor and LeBron James had huge earnings outside of their sport.
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  35. TaxWatch: Are you are claiming the 2020 stimulus payment on your taxes? IRS will no longer seize it for debts — but there are exceptions (17/03/2021 - Market Watch)
    Once the economic stimulus payment was mixed with a tax refund, it became subject to the same rules that allowed the IRS to seize the refund and pay down debts.
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  36. NerdWallet: Can’t pay your tax bill? Here are 5 things you can try (30/03/2021 - Market Watch)
    If you’re concerned about owing taxes, there are options for tax relief. Here are five ways to get some tax debt help.
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  37. TaxWatch: IRS pushes back tax-filing deadline for Texans recovering from winter storm (23/02/2021 - Market Watch)
    Texans have extra time to file their taxes this year, the Internal Revenue Service said Monday, attempting to give Lone Star-state residents more time to pick up the pieces of their financial lives after last week’s devastating winter storm.
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  38. How do you handles taxes? (14/05/2021 - Reddit Stocks)
    I am new to investing, and have little understanding of when I have to pay taxes on money I have invested. If I don’t take any money out of my investing account, do I still have to pay taxes on it at the end of the year? If I reinvest money that I’ve gotten from dividends, do I need to pay taxes on that? I’m sorry if I’ve used incorrect language, I’m very new to this, but I’d like to do it right.   submitted by   /u/scarletteal [link]   [comments]
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  39. FA Center: How higher taxes on the rich could affect your investment and financial goals (27/04/2021 - Market Watch)
    Consider tax-advantaged investments and other ways to make your portfolio more tax efficient.
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  40. FA Center: How higher taxes on the rich could affect your investment and financial goals (27/04/2021 - Market Watch)
    Consider tax-advantaged investments and other ways to make your portfolio more tax efficient.
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  41. When do you pay taxes after selling a stock? (16/03/2021 - Reddit Stocks)
    I recently started trading in Webull but haven’t actually sold anything yet. I’m curious when/where I pay my taxes on any profits I make. I assumed Webull would take the tax out as soon as I sold but I see the full value of my profit was added to my buying power so now I’m thinking I pay those taxes when I pay all my taxes next year? Any help is appreciated!   submitted by   /u/Elucidator_IV [link]   [comments]
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  42. Taxes and how they're handled (27/07/2021 - Reddit Stocks)
    This may be an odd post, but I have a few questions about all this before I dive too deep into it. I'm new to stocks and such and was wondering how taxes worked when you sell stocks. At tax time I know they send out a form detailing how much you made in that year, but how are the taxes themselves paid? How are you supposed to know how much in taxes you have to pay on it when withdrawing? Are they automatically taken out when withdrawing? Do you have to manually pay them yourself? If you're supposed supposed pay them yourself manually, what if you make some large amount near the beginning of the year and manage to spend most/all of it by tax time and don't have enough to cover the taxes? Does the IRS just take it out of your bank at tax time like they would when you owe normal taxes? I'd appreciate any answers/advice. Thank you.   submitted by   /u/Chikosenpai86 [link]   [comments]
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  43. Can someone help me to understand how taxes work? (22/03/2021 - Reddit Stocks)
    I currently have 10k into my account, which is like 6k profit, in my country (Romania) I will have to pay 10% but what I don't know how this works, if I withdraw all my money that means I have 6k profit --> 600$ in taxes, but what if today I trade something and get 100$ profit and then lose 100$ in another trade? it will be 10$ added to my taxes or the taxes are calculated after I withdraw?? Edit: Sorry for my english, im not the best at it :D   submitted by   /u/kingsbichon [link]   [comments]
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  44. trying to calculate cost basis on my google sheets tracker, am I doing it right? (10/06/2021 - Reddit Stocks)
    I am aware that there are multiple ways cost basis can be calculated (I think) and therefore it can be different for the same exact situation. As far as I am aware cost basis is used for taxes, to see profit. But, I am just using cost basis on my sheet just to track profit, I am not using it for anything that has to do with taxes, so It is ok if the way I am doing it is not in align with the way cost basis is calculated for taxes. But on my sheet, here is how I am doing it: (total amount of money put into stock / divided by total amount of shares bought) x the total amount of shares I currently own. And then I would just subtract this number from the current value of this stock x the amount of shares I own, and that would be my profit on my currently owned shares. is this correct? If not, how should I do it?   submitted by   /u/jacobstank [link]   [comments]
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  45. The Moneyist: My husband and his ex-wife agreed that he could claim their kids on his taxes, but now she’s ‘demanding’ half their stimulus (24/03/2021 - Market Watch)
    ‘I believe she didn’t adjust her budget when the alimony ended, and now she is looking for ways to receive more money from him.’
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  46. Day traders how do you manage your expenses with your P/L and taxes (16/07/2021 - Reddit Stock Market)
    Id like to know to those out their day trading how you keep track of expenses. Every month you will have a different amount of profit or loss. And every month you have bills to pay rent, insurance, food, etc. As a trader how do you know how much to take out to spend and not worry about taxes. Like if your making 50k a month gross and say taxes are 50% and you need 5k a month to live. 25k would be taxed and 20k left over after 5k expenses. Every month you might have losses or gains. How do you know how much to set aside to pay for taxes and be able to use the monthly gains you made. Like if you spend money and arent able to pay the taxes thats not good at all. Id like to hear everyones thoughts.   submitted by   /u/smileypom101 [link]   [comments]
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  47. Olympic Steel declares $0.02 dividend (12/02/2021 - Seeking Alpha)

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  48. Olympic Steel reports Q4 results (25/02/2021 - Seeking Alpha)

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  49. Toyota down as it cancels all olympic ads in Japan (19/07/2021 - Seeking Alpha)

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