What happens when you receive a windfall of cash? Do you have to pay taxes to the IRS on the money? Are there ways to minimize the tax burden on the unexpected cash? Can the tax burden be written off as a business expense?
During the Olympics, winners of the medals also receive a cash prize. In America, each winner of a medal has to pay taxes on the cash prize associated with the medal. Each winners will also have to report the value of their medal.
Tune in a we answer the questions and discuss ways to minimize the tax burden associated with the cash prize winnings of the Olympians as well as your personal situation.