It’s that time of the year again – the season for bragging rights, the season to watch your old heroes test their mettle while new ones are born. Yes, we indeed, are talking about the Superbowl.
A time for keeping a check on the scores, to getting your jerseys out, and sitting around the TV with your friends with your preferred cold beverage!
In honor of this glorious tournament and the start of the tax season, we present a list of fun facts along with tax benefits and tips which both the NFL players and fans stand to gain from :
Everyone’s got to pay!
Your favorite NFL superstar might be your personal heroes, but the IRS considers us all mortals. It’s time for the professional athletes to sit up and take notice – the returns need to go out on time.
For players who belong to states that do not impose income tax on professional athletes like Florida, Nevada, Texas, and even Washington, can be taxed for the money earned during an away game.
Super tax write-offs for the Superfans!
You don’t need to give the game your blood and sweat to earn tax reliefs from the IRS. If you’re lucky enough to travel for the Superbowl this year or are even enthusiastic enough to throw a Superbowl party for your employees, then we have great news for you!
The entire cost of any Superbowl party you throw for your employees is tax deductible, including the entertainment and meals provided during it. Also, if you take your business associates to any Superbowl game this year, about 50% of cost of meals can be deducted, as long it does not include the cost of tickets themselves or any other entertainment event you choose to attend during the game.
This is due to the new tax reforms applicable from fiscal year 2018, which states that expenses for entertaining clients, prospects, or business associates will no longer be considered tax deductible.
Traveling for pleasure? Well, it might just pay off!
As per our source, people spend an average of $3000 – $6000 to attend the biggest event of the year!
If you are one of the more enthusiastic fans and have been saving up for the big game, you should consult a CPA to find out the tax benefits you are eligible for.
Our effective team of professionals can help you make the most out of your Superbowl expenses by maximizing your tax deductions with just a few simple questions. For more information and personalized tax services, send us an email at email@example.com.
You can even contact us over the phone at (888)-482-0279.