Author Topic: When Phil won the olympia 200k$ how much taxes did he pay on that? (Read 930 times)

Neymar Barca · « **on:** April 28, 2014, 09:44:14 AM »

do ifbb pros pay taxes on their winnings

Rascal full · « **Reply #1 on:** April 28, 2014, 09:46:14 AM »

Yeah he's not a rothschild he has to pay taxes on his earnings.

yoyolifter · « **Reply #2 on:** April 28, 2014, 09:46:52 AM »

He managed to dodge the width tax

Grape Ape · « **Reply #3 on:** April 28, 2014, 09:57:15 AM »

do ifbb pros pay taxes on their winnings

Why?

Skorp1o · « **Reply #4 on:** April 28, 2014, 09:57:31 AM »

He re-invested it wisely into appreciating commodities (diamond chains and lebrons)

The other half went on this car:

G_Thang · « **Reply #5 on:** April 28, 2014, 10:02:15 AM »

do ifbb pros pay taxes on their winnings

He's a LLC, so it's the same rate as a 1040 minus his business expenses and cash sales such as autograph photos he can hide.

240 is Back · « **Reply #6 on:** April 28, 2014, 10:11:33 AM »

He managed to dodge the width tax

He's gonna be pissed if he sees that. Dude benches like 255. Crazy strong.

Deacon Jeschin · « **Reply #7 on:** April 28, 2014, 01:10:24 PM »

He's a LLC, so it's the same rate as a 1040 minus his business expenses and cash sales such as autograph photos he can hide.

Let's see....Gym membership: $500, Clothing: $500, Photo sales: $3000, "Supplements": $196,000.

There.....It's a wash

Vince G, CSN MFT · « **Reply #8 on:** April 28, 2014, 01:25:37 PM »

do ifbb pros pay taxes on their winnings

Yes...they have to pay 50% of all winnings unless they manage to classify it as a salary.