Just witnessed an epic Super Bowl showdown? Whether you cheered for the Kansas City Chiefs or the San Francisco 49ers, one thing’s for sure: championship wins come with tax implications.
Player Bonus:
Imagine winning a huge bonus. Exciting, right? Well, Uncle Sam wants a piece of that pie. That bonus could be taxed anywhere between 10% and 37%, depending on your income. So, while you celebrate, remember to factor in tax season.
Super Bowl Ring:
That iconic Super Bowl ring? It’s a symbol of victory but also… taxable income! Its value can range from $30,000 to $200,000, so prepare for that tax hit.
Location, Location, Taxation:
Where you live matters! Some states, like California, have a “jock tax” where athletes pay income tax for games played within their borders, even if they don’t live there. So, if you live in a tax-savvy state, high- five yourself!
Proactive Planning is Your MVP:
By booking a tax assessment with us today, use smart tax planning strategies to score a touchdown on your tax bill.
Remember: This isn’t about who you cheered for; it’s about being informed about your finances. By planning, you can secure your future, no matter which team reigns supreme!
Bonus Fact: Patriots owner Robert Kraft sold his Super Bowl LI ring for charity, with the winning bidder paying more than $1 million. Talk about a hefty tax bill!