Fines from Leagues and Taxation

Were you fined by your team or the league this past year? The Internal Revenue Service [IRS] considers fines an ‘ordinary and necessary’ business expense and so you can claim fines as expenses on your income taxes. Now I wouldn’t encourage you to receive additional fines, but I would encourage you to keep track of the amount if you are fined so you can deduct the fines from your earned income, lower your taxes, and hopefully lessen the sting of the actual fine.

#fines #taxreturns #Teamtaxes