Welcome to PatsFans.com

Semi-OT: BB Can Deduct His $500k Fine (merged)

Discussion in 'PatsFans.com - Patriots Fan Forum' started by BrianPat, Sep 18, 2007.

  1. BrianPat

    BrianPat Third String But Playing on Special Teams

    Joined:
    Jan 17, 2005
    Messages:
    886
    Likes Received:
    2
    Ratings:
    +2 / 0 / -0

  2. TruthSeeker

    TruthSeeker PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Sep 9, 2006
    Messages:
    1,788
    Likes Received:
    3
    Ratings:
    +4 / 0 / -0

  3. Patriot_in_NY

    Patriot_in_NY Veteran Starter w/Big Long Term Deal

    Joined:
    Jan 1, 2007
    Messages:
    8,550
    Likes Received:
    19
    Ratings:
    +34 / 0 / -0

    Re: Looks like Bill CAN deduct the $500,000

    :singing: :singing: :singing:

    I love that line......... screw the deduction.

    "Mr. Kraft, I'll be submitting some receipts for reimbursement after incuring a few recent...... ummmmmm..... ordinary and necessary business expenses. Hey, it is what it is.... ;)
     
  4. PatsFanSince74

    PatsFanSince74 PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Dec 22, 2005
    Messages:
    10,015
    Likes Received:
    68
    Ratings:
    +163 / 3 / -1

    Re: Looks like Bill CAN deduct the $500,000

    Ah, free market capitalism with an ever less progressive tax code...don't ya love it :rolleyes:
     
  5. godef

    godef In the Starting Line-Up

    Joined:
    Sep 13, 2004
    Messages:
    3,118
    Likes Received:
    6
    Ratings:
    +6 / 0 / -0

    Re: Looks like Bill CAN deduct the $500,000

    Does he pay the fine with money he was already paid? Or is this deducted from his check. If the latter, this is already a built-in deduction... can't get taxed on money you were never paid.

    Then again, I'm no tax expert... :rolleyes:
     
  6. PromisedLand

    PromisedLand Virtual Internet Person

    Joined:
    Sep 13, 2004
    Messages:
    3,372
    Likes Received:
    1
    Ratings:
    +1 / 0 / -0

    Re: Looks like Bill CAN deduct the $500,000

    I always assumed it was equivalent to docking of pay - and you don't pay taxes on what you don't get paid. But I am no more of a tax expert than Godef...
     
  7. patchick

    patchick Moderatrix Staff Member PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    11,797
    Likes Received:
    412
    Ratings:
    +1,120 / 9 / -2

    #11 Jersey

    Re: Looks like Bill CAN deduct the $500,000

    Agreed, no way should you pay taxes on money you never pocket! There are tons of allowances for this in the tax code. For instance, IIRC gambling losses offset gambling gains, so if you win $100 at a slot machine after spending your afternoon sticking in $200 in quarters, you don't owe income taxes on the $100 "winnings." (But you should find a better way to spend your afternoons.)
     
  8. CheerforTom

    CheerforTom Third String But Playing on Special Teams

    Joined:
    Jan 8, 2006
    Messages:
    919
    Likes Received:
    1
    Ratings:
    +1 / 0 / -0

    http://blogs.wsj.com/law/2007/09/17/tax-profs-bill-belichick-can-deduct-his-500000-fine/

    Come on, how awesome is that? :rocker:

    An excerpt also adds to a discussion I recall having yesterday:
    I never thought I'd have a bunch of tax nerds backing me up.
     
  9. Truck

    Truck Third String But Playing on Special Teams

    Joined:
    Sep 9, 2007
    Messages:
    508
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    Re: Semi-OT: BB Can Deduct His $500k Fine

    I assume all fines arent really fines, but rather a reduction in wages, hence you pay less taxes since you earned less
     
  10. ChoWZa

    ChoWZa Third String But Playing on Special Teams

    Joined:
    Jan 23, 2007
    Messages:
    537
    Likes Received:
    1
    Ratings:
    +1 / 0 / -0

  11. patchick

    patchick Moderatrix Staff Member PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    11,797
    Likes Received:
    412
    Ratings:
    +1,120 / 9 / -2

    #11 Jersey

    Re: Semi-OT: BB Can Deduct His $500k Fine

    so maybe if they deduct the 1st rounder it will net out to a 2nd? :)
     

Share This Page

unset ($sidebar_block_show); ?>