Any time you see Chad Ochocinco putting the football with a pylon, proposing to a cheerleader or wearing a sombrero after scoring a touchdown, just know that he’s thinking bigger picture here. Always bigger picture. It’s not that he purposely sets aside hundreds of thousands of dollars in his “golden tooth piggy bank fund” to pay the NFL for singing Shipoopi with Peter Griffin. No. It might not be that the government of the United States is indirectly paying him to express himself like he’s the patriarch of Broadway. Or maybe he is.
Chad Ochocinco Teaches: For A Tax Break, Celebrate
↵As CNBC Sports Business Reporter Darren Rovell writes, Chad is actually getting a tax deduction each time he’s fine by the NFL.
↵↵ Fines are classified as ordinary business expenses, according to sports tax accountant Robert Raiola of Van Duyne, Behrens & Co.
↵ In order to deduct, Raiola says the fines have to be greater than two percent of a player’s total adjusted gross income because the IRS stipulates that the first two percent of employee business expenses are not deductible.
↵↵Chad was fined $50,000 in 2009 and according to Rovell, the fines “result in Ochocinco paying approximately $17,500 less in federal income taxes.” Bigger picture, indeed.
↵
See More:
