Video Tips: Are the Olympic Prizes Taxable?

When watching the Paris Olympics this summer, think about the tax aspects of the prize money for winning a medal. Did you know that Olympic athletes' prize money is generally not taxable unless they earn more than $1 million annually? In this video, we'll explore how this exemption works and what it means for the athletes' hard-earned winnings.

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Tim Thompson CPA PLLC is located in Dallas, Texas and is an expert in all areas of Texas taxes. We can help with individual or business taxes, tax resolution, tax preparation, and tax planning services.