Tax time! What fun. Tax time is even more fun — funner? — for two categories of people:
1. Those with no money
2. Those with a lot of money.
Athletes fall into that second category. In the Sports Business Journal, financial adviser Steve Piascik has some fascinating tax-related tips for those guys, and one of them stood out to us more than the others:
Fines: Some leagues, including the NFL, contribute their fines to charity. This makes them tax deductible. So if an NFL player gets fined for nailing a wide receiver with his helmet, he can deduct the fees associated with this fine.
The NBA and Major League Baseball also donate fines to charity.