Every Monday or Tuesday after games are played during the NFL season the league hands out fines on players misconduct. The offenses can range from not wearing proper NFL approved clothing, unsportsmanship like conduct and late hits on players. The amounts can be huge in context for the fan watching the game and some of the players depending on their salaries. The federal tax code does provide some relief to players who get hit with the fines.
Here is more from AccountingWeb.com:
Fines. “I am often asked if player fines are deductible,” said CPA Robert A. Raiola. “Fines which do not violate public law can generally be deducted. For example, if an athlete incurs a speeding ticket on the way to a game, that is not deductible. If he is fined by the team for being late to practice, that is deductible because it violates the team’s policy, not public law.” As the head of the Sports & Entertainment Group for the New Jersey–based accounting firm of Fazio, Mannuzza, Roche, Tankel, LaPilusa, LLC, Raiola is intimately familiar with the ins and outs of sports accounting. “It is a common misconception that these fines are deductible because some leagues, including the NFL, donate those funds to charity. They might, but the fines are deductible to the athletes, regardless of what the league does with the funds.”
Read the rest of the tax deductions athletes get here.