The fact about fines in the NFL

[Doublejive]

Fines for NFL players that they receive in game are ,,,,,,wait for it,,,,


Tax deductible.

They are not if they are suspended and miss games or out of game fines.

So we can all toss the "Oh he doesn't deserve that!" kind of baloney.

 

[night]

It's not like they're receiving any extravagant benefit from that. So what?

 

[Cave_Johnson]

I heard the money all goes to help fund Roger Goodell's ever increasing collection of homosexual po rnography.

 

[Money]

Fines for NFL players that they receive in game are ,,,,,,wait for it,,,,


Tax deductible.

They are not if they are suspended and miss games or out of game fines.

So we can all toss the "Oh he doesn't deserve that!" kind of baloney.

I'm guessing it's because all player fines are donated to charity.

 

[Doublejive]

Don't Worry, Marshawn Lynch. You Can Deduct Those NFL Fines From Your Taxes.Look at fines for professional athletes and coaches like business expenses. You may write off a business trip. They write off league fines.

January 28, 2015 Seattle Seahawks running back Marshawn Lynch grabs his crotch after scoring a touchdown and earns a $20,000 fine from the NFL. In the same game, Seahawks receiver Jermaine Kearse throws the football into the stands after a game-winning catch and receives a $5,512 fine. And the New England Patriots' underinflated footballs could result in a $25,000 fine, at minimum, if the NFL determines wrongdoing.

Fining athletes and coaches is far from rare in professional sports. These three instances occurred in just one weekend of the NFL. But there is a silver lining for teams and their athletes facing a penalty: The fines are tax deductible. Everything from an inappropriate gesture to illicitly filming another team (which earned Patriots head coach Bill Belichick a $500,000 fine in 2007) can mean a deduction in their federal taxes.

Why's that? Here's a quick lesson in tax law:

Look at these fines as unreimbursed work expenses. Many of us have business expenses for travel or supplies. If our employer doesn't cover them, they may be deducted from our taxes if they reach a certain level. In a similar vein, professional athletes have several expenses in their line of work. They need to pay agents, attorneys, and accountants. This all goes into a miscellaneous bucket for tax deductions. Fines from the league go in this bucket, too, explains Sean Urbany, a senior accountant at Washington-area firm Bond Beebe.

"Normally, our expenses are reimbursed by the company," says Urbany, who wrote a blog post on this in 2012. "So we don't ever get a deduction for it. But obviously the teams are not going to be paying for these fines. They're going to be deducted by the employee—essentially the coach or player—as a reimbursed employee business expense."

How do these deductions work? The IRS can't factor in $5 expenses here and $10 expenses there. So they set a floor of 2 percent of your adjusted gross income. Once your pile of deductions exceeds that threshold, they start to benefit you from a tax standpoint. Say your marginal tax rate is 35 percent. That is the savings for each dollar of deduction. If you have $100 in deductions and your tax rate is 35 percent, you are saving $35 in tax.

More here--->Don't Worry, Marshawn Lynch. You Can Deduct Those NFL Fines From Your Taxes. - NationalJournal.com

 

[dkmightyhammer]

I'm guessing it's because all player fines are donated to charity.

So when the NFL is proudly boasting about donating X amount of millions to charity they are really just getting most of it from the players? Nice of them.

 

[The Derski]

So when the NFL is proudly boasting about donating X amount of millions to charity they are really just getting most of it from the players? Nice of them.

Follow the rules, don't get fined. Pretty simple.

 

[Wazmankg]

Is this supposed to elicit outrage ?

 

[The Derski]

Is this supposed to elicit outrage ?

I think so. Maybe?

 

[cezero]

Fines for NFL players that they receive in game are ,,,,,,wait for it,,,,


Tax deductible.

They are not if they are suspended and miss games or out of game fines.

So we can all toss the "Oh he doesn't deserve that!" kind of baloney.

 

[R.J. MacReady]

I heard the money all goes to help fund Roger Goodell's ever increasing collection of homosexual po rnography.

"What's wrong with that?"

Adam Silver

 

[molsaniceman]

Broncos lead the league in fines 6.7 mil So how much did they save on taxes?

 

[Broncosr0k]

Broncos lead the league in fines 6.7 mil So how much did they save on taxes?

We're #1!!! Finally!!!

 

[Beengay fudgepackers]

I'm surprised you didn't know that. It's very similar to donating a dollar to a certain charity via a business. For instance donating a dollar to cancer research at a place like mcdonalds. It makes the business look good, and the money is tax deductible for the business, so it's a win win situation. I'm still surprised that people donate money to these things. You're just doing the business a favor. It reminds me of the comedian who was asked to donate money for a charity at a business and he goes, hey while were doing favors for eachother, why don't you fix my car?

 

[BritishDolfan]

I'm guessing it's because all player fines are donated to charity.

That is the most obvious answer. IIRC some players have specifically asked for fines to go to a certain charity.

 

[Win TWINS!!!]

Don't Worry, Marshawn Lynch. You Can Deduct Those NFL Fines From Your Taxes.Look at fines for professional athletes and coaches like business expenses. You may write off a business trip. They write off league fines.

January 28, 2015 Seattle Seahawks running back Marshawn Lynch grabs his crotch after scoring a touchdown and earns a $20,000 fine from the NFL. In the same game, Seahawks receiver Jermaine Kearse throws the football into the stands after a game-winning catch and receives a $5,512 fine. And the New England Patriots' underinflated footballs could result in a $25,000 fine, at minimum, if the NFL determines wrongdoing.

Fining athletes and coaches is far from rare in professional sports. These three instances occurred in just one weekend of the NFL. But there is a silver lining for teams and their athletes facing a penalty: The fines are tax deductible. Everything from an inappropriate gesture to illicitly filming another team (which earned Patriots head coach Bill Belichick a $500,000 fine in 2007) can mean a deduction in their federal taxes.

Why's that? Here's a quick lesson in tax law:

Look at these fines as unreimbursed work expenses. Many of us have business expenses for travel or supplies. If our employer doesn't cover them, they may be deducted from our taxes if they reach a certain level. In a similar vein, professional athletes have several expenses in their line of work. They need to pay agents, attorneys, and accountants. This all goes into a miscellaneous bucket for tax deductions. Fines from the league go in this bucket, too, explains Sean Urbany, a senior accountant at Washington-area firm Bond Beebe.

"Normally, our expenses are reimbursed by the company," says Urbany, who wrote a blog post on this in 2012. "So we don't ever get a deduction for it. But obviously the teams are not going to be paying for these fines. They're going to be deducted by the employee—essentially the coach or player—as a reimbursed employee business expense."

How do these deductions work? The IRS can't factor in $5 expenses here and $10 expenses there. So they set a floor of 2 percent of your adjusted gross income. Once your pile of deductions exceeds that threshold, they start to benefit you from a tax standpoint. Say your marginal tax rate is 35 percent. That is the savings for each dollar of deduction. If you have $100 in deductions and your tax rate is 35 percent, you are saving $35 in tax.

More here--->Don't Worry, Marshawn Lynch. You Can Deduct Those NFL Fines From Your Taxes. - NationalJournal.com

They're still out more money than if they'd have not had the fine...