Silverback`s health care costs... Tax deductible?

As he is now a member of the Bungles, I thought it was appropriate to post this here, but it really comes from his press conference, that was linked to in one of the threads about him "Hating" the Steelers now, on the main page.
I generally don`t like to think about the absurd amounts of money the players get to play this game, but this still made for an interesting read, to me.
During his presser, he mentioned that he spends approx half a million per year, on "maintaining his body".(Massages, nutrition, etc...).
Forbes magazine, wrote an article on this, about whether those expenses could be tax deductible...
http://www.forbes.com/sites/anthony...n-you-did-on-your-house-but-can-he-deduct-it/
Like I said, even tho it sickens me to think about those amounts of money, I still thought it was an interesting read, about, whether he should be able to deduct those expenses, on his yearly tax return.
I lean towards, Hell yes. Those are legitamite expenses, given his line of work.
Just thought I would throw the link out there, if anyone else wanted to read/comment on it.
I also can`t see him keeping the required documentation on it, but maybe his accountants, would...
Personally, from watching his presser, I got the impression he was exagerrating a bit, because he seemed to have a hard time breaking down the details, when pressed about it, by a reporter...
But, who knows? I`m sure he does spend a signifigant amount on it, along with many other athletes, in many sports.
And, personally, I think the super rich already pay their fair share, and if they can keep their money away from the Government wasting it, more power to `em.
Just my 2 cents.
GO STEELERS

 

Agree 100%....Just wish I could afford a accountant to find the loopholes for me. Im middle class. So Im screwed.....Wheres MY FREE cell phone?????....Ok Im done now TTF does not like political talk here. SORRY TTF just had to get that off my chest.

 

Medical expenses are tax deductible for "normal" people if they add up to a certain percentage of their income. Not sure why it would be any different for Harrison.

I'd imagine that most if not all athletes spend quite a bit of money maintaining / improving their bodies. After all, that is their bread and butter.

 

I don't know that it's a loophole. Professional athletes are essentially subcontractors and a lot of it could fall under a business expense.

 

They are?

 

ScottChab, I`m not sure it would exactly be called "subcontractor", but if I read the Forbes article, correctly, the "expert" was saying that the athletes are entitled to deductions, if they go above and beyond what their teams would reimburse them for.
I`m a machinist, and probably in the "lower middle class".
If I was to hire an accountant, they could probably find me deductions based on the tools I buy to make, and inspect, the parts my employer tells me to make, and probably the uniforms that I have to rent, that are deducted weekly from my check.
Personally, it`s more hassle to me, than it`s worth, since I have been doing this for over 20 years, most of the tools I need, I have already bought.(But, probably could have deducted, when I originally purchased them)...
I am satisfied with the return I get, by filing my taxes myself, and not paying an accountant to do it, who might find me a couple more bucks, but not as much as I would pay them to do it...
Then Again, I am not filing 6 figure or more tax returns...
And, I know TTF doesn`t like the political discussion, so I tried to limit that to a simple statement.
All the Gov`t is gonna do with the extra money they get, is waste it, or give it away to other countries anyhow, so, personally, I have no problem with the people that earn their money, keeping as much of it as they can.
GO STEELERS!!!

 

My point was the people making 6-7 mill could afford someone to find their "loopholes"....We making 50 to 100K. Cant. We are the MIDDLE CLASS.....We are the ones getting screwed!!!!

 

Sorry, people making $50-100k can afford accountants that can help them find loopholes, it just might not be worth it.

 

Apparently it depends on what state you're in. If you're in California then you're an employee, but in FLorida you're a sub. To muddy the waters even further if you've played at least one game within the state of California then you're an employee according to their state law.

http://www.nytimes.com/2010/04/07/sports/football/07bengals.html?_r=0

 

HUH?????? Think you just made my point. THANKS!!

 

I hear ya Myron, but this ain`t the place to ***** about it.
I just wanted to see other poster`s thoughts on whether James was entitled to his deductions, or not, and what they thought of the article.
Let`s not make Towelie lock this thread, K?

GO STEELERS!

 

Strummer, I didn`t read the link yet, but I think i know what you`re referencing....
Visiting players in the NFL have to pay taxes, if the state they are playing in, tax wages, even if their home state does not.
Or something like that. I read about it years ago, and just thought ... WTF?!?
No wonder these guys need professional accountants!

 

I'm pretty sure tax prep fees are tax deductible. I know they are for the self employed. One thing to keep in mind the rules(loopholes) for people making millions are far different than the general public.

 

You missed my point. Just because something may not be worth the expense doesn't mean you can't afford it.

 

Wow, StrummerFan... I was completely wrong about what you were talking about, now that I read the link!...
Just goes to show how complicated "interstate commerce" has become, in this day and age where lots of goods are bought and sold over the internet, but the companies that sell online, only have to collect sales taxes on purchaeses made, by people that reside in a state, where that business has a physical office, or warehouse...
There is a big push to correct that now, in Congress.
I wondered how long it would be, till that happened...
Technically, every person who buys something over the internet, is required to disclose that on their tax return at the end of the year, and pay taxes for it.
Yeah, right, I am faithful about that, and I am sure everyone else is...
It is a huge loss to State`s revenue streams, tho, and a huge burden to small companies that sell over the internet, if this legislation passes, even tho they are exempting businesses with less than a million in sales, I think...
Sorry, Didn`t mean to go off on this tangent, just can`t believe how times have changed in such a short period of time, that our House and Senate, would have to be thinking about these issues.
Peace.

 

I would be surprised if the lack of an internet sales tax actually hurts small businesses more. They already can't compete on a pricing basis with the larger stores once you couple that with no sales tax they don't stand a chance.

 

As far as Im concerned James can write off whatever he does to improve his business....His body is his business....However many of us who do not make what James does would like to know....What can we write off????....I go to the gym every morning..That I think makes me a better employee....Cant I write that off?.....Just dont get it!!!!

 

Actually I just saw last week that the Senate tried to pass some crazy "internet tax" which was so convoluted no one could even understand it. There was actually a senator that took to the floor to sorta talk about how many different tax rates there are based on location and it would have introduced like literally thousands of new regulations on taxes for things sold over the internet. Amazon just moved in to TN and there were a lot of people trying to keep them out because of a tax dispute and how they could hurt businesses within this state.

 

Here's a link to the speech about the internet sales tax.
http://www.youtube.com/watch?v=p-s-c3-kn2E

 

The Tax codes in America are a complete joke and very unfair all the way around. The middle class gets screwed. The poor has every reason to stay that way and not lift themselves up off the couch. The rich find ways to keep most of their money by paying a fraction of what they should. The IRS is run by motivational political party interests and the codes are over 72,000 pages long and counting.

I CAN'T WAIT UNTIL THEY MAKE EVERYONE PAY THEIR FAIR SHARE IN A FLAT TAX ON EVERY PURCHASE THEY MAKE! Do away with the IRS and make everyone pay 23% on all purchases. I am so sick of going to the grocery store and standing in line behind the lady with 5 obese children buying nothing but junk food , dog food and soda pop and then using her food stamps, er' I mean convenient WIC Debit Card, and then whipping out cash for a couple packs of smokes.

Can't wait til the IRS runs Obamacare. Yippie.

Harrison spends $500,000 - $600,000 a year on his body. That alone would generate $115,000 - $138,000 for the corrupt politicians to redistribute.

 

here's my

.02 cents



i am stuck on Band Aid brand ,cause band aid stuck on me!

 

But dude we NEED the IRS to manage the new income tax we just passed to help generate revenue for the war effort. This will help us crush the confederacy and as soon as Lee surrenders the IRS will cease to exist. Oh wait! I thought we were in 1865 again. LOL. To quote Reagan "you've got a greater chance of finding eternal life on planet earth than you do of overturning a government program". I think the IRS alone should almost prove that. Also don't worry about those long food stamp lines. They should be over as soon as we fix the dust bowl problem sweeping the heartland. LOL. You better be careful making posts like that! You might get audited!