Viking's Wide Reciever Fined for lack of cooperation

[WhiZa]

Re: Vikings fined $80000 !

The difference is the player is giving it up because of the fine not the charity so it may not be tax deductible. Unless fines are, but that wouldn't make any sense.

If the NFL wanted they could deduct taxes for giving money to charities, but they probably don't.

 

[BTTA]

Re: Vikings fined $80000 !

It is treated one of two ways:

1) If the player must write a check for it, it is a tax deductible business expenses because it is money returned to his/her employer. It doesn't matter what the NFL does with it.

2) If it is deducted from his pay, then his pay is reduced, and thus it isn't taxed in the first place.

Either way, it is going to reduce his taxes, because his income is reduced.

 

[dhamz]

If I recall, he did the exact same thing in NE. I believe Florio would have a post every other week complaining about it and questioning why the NFL wasn't fining him.

 

[ctpatsfan77]

Re: Vikings fined $80000 !

It is treated one of two ways:

1) If the player must write a check for it, it is a tax deductible business expenses because it is money returned to his/her employer. It doesn't matter what the NFL does with it.

2) If it is deducted from his pay, then his pay is reduced, and thus it isn't taxed in the first place.

Either way, it is going to reduce his taxes, because his income is reduced.

I don't know what happens, but I know that it goes to charity, so, as you said, one way or the other, it should be tax deductible.

 

[jmt57]

Re: Vikings fined $80000 !

It is treated one of two ways:

1) If the player must write a check for it, it is a tax deductible business expenses because it is money returned to his/her employer. It doesn't matter what the NFL does with it.

2) If it is deducted from his pay, then his pay is reduced, and thus it isn't taxed in the first place.

Either way, it is going to reduce his taxes, because his income is reduced.

I recall somebody (perhaps Rodney Harrison or Brandon Meriweather) saying the money for the fine is deducted from the weekly paycheck. However, I do believe his tax rate could still be determined as if he was paid the full amount, and then physically wrote a check.

It seems to me like it would be a business expense for the player, but I don't see how they could claim it as a charitable contribution since it was not voluntary and they did not decide what charity it went to.



Also, the the OP regarding the question "isn't that too much (money)"? Keep in mind how much these players make. Depending on the player you're looking at from less than 0.3% to about 2.5% of his salary. Anything less would not get their attention at all.

 

[TBradyOwnsYou]

I wouldn't talk to the media were I him either. He still doesn't have a deal yet for next year, he doesn't want to sour up his chances by getting frustrated publicly again. I have to imagine dealing with Favre and Childress has him ready to beg BB to take him back for $1 a year!

 

[TriplecHamp]

Re: Vikings fined $80000 !

It is treated one of two ways:

1) If the player must write a check for it, it is a tax deductible business expenses because it is money returned to his/her employer. It doesn't matter what the NFL does with it.

2) If it is deducted from his pay, then his pay is reduced, and thus it isn't taxed in the first place.

Either way, it is going to reduce his taxes, because his income is reduced.

Edit: http://www.fivecentnickel.com/2010/10/22/are-nfl-fines-tax-deductible/

 

[Silver Blue&Red]

Re: Vikings fined $80000 !

Fines for a face mask, geez. It's getting out of control. Politictal correctness has no boundries. There was a time when you watched sports to forget about all the everyday B.S. :explative

 

[NYCPatsFan]

That's not his style. Other end. He prefers to moon.

Yup, he mimicked it to those fans who actually did it to to their team.

Oops, hope some Patsfans don't get inspired and foolishly attempt one when their bus arrives tomorrow evening.

But hmm...someone's signature quotes Whitlock, a guy who called us Patsfans as fools. So, wouldn't be surprised.