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Currently Viewing Posts Tagged Michael Phelps

Chasing the Gold

The Olympics on NBC have been a bit of a disappointment in viewership, until Michael Phelps started chasing more gold.  Then, Usain Bolt grabbed some attention with his historic third consecutive gold medal in the 100-meter dash.

On top of that, U.S. gymnast Simone Biles helped lift ratings to a 17.4 household rating which also meant that there was a 9.0 share in that important 18-49 demographic that advertisers are chasing. (Variety)

We watch… and then we forget. We don’t even care if someone ends up on a Wheaties cereal box anymore. But, Uncle Sam cares. He is waiting at the end with his tax bill. Bet you didn’t think about that!

 Olympic athletes who win medals also win cash from the U.S.:$25,000 for gold, $15,000 for silver and $10,000 for bronze. Actually, it’s paid by the United States Olympic Committee. Those “winnings” subject them to a tax, like any prize winner. These athletes are taxed because Olympic medals and cash bonuses are considered income.

Best to focus on the donut, not the hole!

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I just mention this just in case it might impact your exercise regiment in the morning. If you are getting ready for 2020… remember that your morning gymnastics could lead to taxable winnings. It might make it easier to turn that alarm off and catch a few more z’s!

 

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