U.S. Athletes Win an Olympic Medal in Sochi, Pay Taxes in America

As the 2014 Winter Olympics came to a close over the weekend, medal winners from around the globe may be facing an increase in their taxable income. The U.S. Olympic committee awards cash prizes to medal winners--$25,000 for gold, $15,000 for silver, and $10,000 for bronze. Awarding cash prizes to medal winners is a common practice among countries. But what happens when Olympians are taxed on their winnings?

U.S. Athletes Win an Olympic Medal in Sochi, Pay Taxes in America

Keep reading: more insights

Tax Day 2023 and how to get an extension from the IRS

Tax Day is on Tuesday, Apr 18, 2023. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!)

Understanding the Earned Income Tax Credit

The EITC, also known as EIC, is a tax credit provided to lower income workers to help offset the basic living expenses. Here's how to know if you're eligible.)

4 Mistakes Small Businesses Should Avoid

Making mistakes is a part of starting a business, but knowing what mistakes to avoid will help small business owners in their long-term journey to success. Here are four mistakes small business owners should avoid.)