Super Bowl prop bets could pay off nicely for gamblers and the IRS

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Super Bowl prop bets could pay off nicely for gamblers and the IRS

Sunday, February 03, 2019

Bill Belichick and Sean McVay_NFL_Super Bowl LIII

Will youthful enthusiasm prevail over old age and treachery? That's one of the things, although not in exactly those words, that you can bet on in connection with Super Bowl LIII. (Photo courtesy NFL.com)

Los Angeles Rams head coach Sean McVay, at right in the above photo, turned 33 last month. He's the youngest coach to take a team to a Super Bowl.

Across the field (and at left above) will be Bill Belichick, a veteran of National Football League championship games as the New England Patriots head coach. He's twice as old as McVay.

If the Rams win Super Bowl LIII, McVay will become the youngest head coach to win the biggest U.S. professional football game.

If the Patriots win (again), the 66-year-old Belichick will become the oldest head coach to win a Super Bowl.

That 33-year difference is today's By the Numbers figure.

The tax hook?

One of the many Super Bowl prop bets you can put some money on today is:

Will Belichick and McVay Age Gap be mentioned during the game broadcast?

Yes -200 (1/2)
No +150 (3/2)

**Note: From kickoff until final whistle, halftime does not count

I'm going with yes, the coaches' 33-year age gap will be mentioned ad nauseum by the announcers calling the game. If I'm right, then my payoff for this prop bet would be taxable income.

In fact, all winning bets, be they on off-the-wall propositions only tangentially connected to the actual football game or legit on-field actions, are taxable income.

Today's myriad Super Bowl bets will be getting added attention this year. It's the first Super Bowl since the May 2018 Supreme Court decision giving states the choice to allow sports betting within their borders.

Play-related prop bets: Making a betting decision about an on-field, game-affecting event requires some knowledge.

Take, for example, the bets about how much the quarterbacks will be slinging the football.

The over/under for Rams QB Jared Goff is 285.5 yards. R.J. White, NFL gambling analyst at SportsLine says take the under.

"Goff averaged 293 yards a game in the regular season, but he's gotten over 280 just twice in their last seven games, and he didn't come anywhere close in the five that missed the mark," writes White. "Plus, the Patriots have allowed opposing QBs to 280 yards or less in eight straight games heading into the playoffs, and I don't think Goff is on the level of [Los Angeles nee San Diego Chargers] Philip Rivers and [Kansas City Chiefs] Patrick Mahomes."

On the Patriots' side, the over/under for Tom Brady passing the ball is 300.5 yards. CBS Sports Senior Writer Will Brinson says take the over "even though this is a really high number for a 41-year-old man's passing yards in a Super Bowl against a Wade Phillips defense."

But, Brinson adds, Brady is averaging 292 yards per game over his last 13 playoff games and has totaled more than 970 yards in his last two Super Bowls.

Goofy game bets abound: Then there are the prop bets that get most of the attention.

These are the ones, life the McVay-Belichick age issue, that don't really have anything to do with the game.

They include such things as:

Will it take Gladys Knight (sans Pips) more or less than 1 minute, 50 seconds to sing the National Anthem?

Which song will Maroon 5 open its halftime show with? Choices are oddsmakers' favorites One More Night or Makes Me Wonder, as well as Animals, Don't Wanna Know, Girls Like You, Moves Like Jagger, Sugar, Payphone, Maps, Mic Jack and Mic Jack and the always popular "any other song."

What will be the predominant color of Adam Levine's shoes when he begins the halftime show performance? You can pick from white, black, brown, blue, red, orange, yellow, green, purple or pink.

Personally, I'd rather see P!nk, who sang "The Star Spangled Banner" at last year's big game and came in under the prop bet's two-minute over/under limit, perform at halftime this year.

And I had more fun guessing Katy Perry's hair color when she headlined the halftime show for Super Bowl XLIX in 2015. She went with her natural brunette locks.

Will the dome of Mercedes-Benz Stadium be open at kickoff? Go with closed. It's the safe bet, both for security and weather reasons.

How many times will Giselle Bundchen be shown on TV during broadcast? The over under is 1.5 times. I'm taking the under since Mrs. Tom Brady probably will be in a stadium suite, making it harder to get good glimpses. Plus, this prop bet only covers game time, not halftime or after-game celebrations.

How many times will ebullient CBS color commentator Tony Romo say "Here we go"? The smart money is on the over side of the 2.5 prop bet line. Tony loves his catch phrases. And Tony loves to talk.

These are just a few that caught my eye. David Fucillo, gambling editorial manager for SBNation has compiled a full list of today's big game prop bets.

Props can pay off handsomely: Yes, prop bets seem silly. Until they pay off.

During Super Bowl XLVI in 2012, two wagers that many of us consider throw-away bets paid off big for Jona Rechnitz.

Rechnitz's $1,000 bet on a safety being the first scoring play of the Super Bowl returned $50,000 when Tom Brady's intentional grounding in the end zone gave the New York Giants an early two-point lead.

Then he pocketed another 10 grand for his separate prop bet that there would be a safety in the NFL championship game.

Here's to your luck being that good during Super Bowl LIII and beyond.

You also might find these items of interest:

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Posted on Sunday, February 03, 2019 at 03:05 AM in Gambling, Music, Pop Culture, Sports, Tax numbers, Taxes | Permalink | Comments (0)

Tags: bets, betting, Bill Belichick, gambling, Jared Goff, Los Angeles Rams, Maroon 5, New England Patriots, prop bets, Sean McVay, Super Bowl, taxable income, Tom Brady, wagers

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Today's Tax Tip

Tax benefit of volunteering on 911 Day and beyond — On this Patriot Day 2024, volunteer efforts honor those who died or were injured during the terrorist attacks in New York City, Pennsylvania, and Washington, D.C., on Sept. 11, 2001. The value of the time you give to a nonprofit, on 911 Day or any time, is not tax deductible, but some associated expenses might be. (Sept. 11, 2024)
The 2024 Tax Tips offer ways to file your annual return, along with post-filing advice, important tax news and, of course, ways to cut your current tax year bill. You'll find the monthly assemblages on their own respective pages: January, February, March, April, May, June, July, August, September, October, November and December. Remember, tax tasks and tips don't stop after you file your annual return!

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(the blog title totally makes sense now, right?). Professional journalist. Tax geek.
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Tax Season 2024 continues!

We made it. Tax Day 2024 is finally over. For most of us. An estimated 19 million taxpayers got an extension to file their 2023 tax year return. That's fine.
In fact, the Internal Revenue Service appreciates some of us spreading out our filings. It gives the agency time to process the surge of returns
that came in on April 15.

But enough about Uncle Sam's tax collector and its issues. The focus now is on all y'all who filed for extensions, giving you another six months to complete your return. Let's get started on meeting that new Oct. 15 deadline. It will be here before you know it.

The monthly tips and reminders a little further down this column can help you finish up your Form 1040. There also will be tax tidbits each month that make sure you meet other tax deadlines. And, of course, you'll find advice on ways to cut your still adding up 2024 tax bill.

Finally, keep an eye on the countdown clock below. It will help you track yet more days tick, tick, ticking off toward that absolutely final fall filing due date.
Note: I'm in the Central Time Zone, so adjust accordingly for where you live.

Time for Tax Tasks

🍁 Hello 🍁 September 🍁
🍂 Fall 🍂 is 🍂 here! 🍂

OK, fall’s not here yet, at least not here in Texas according to still quite-warm temperatures. But forecasters say cooler weather — like highs in the 80s; yes, everything, especially weather, is relative — is on its way, and that meteorological promise gives up hope.

via GIPHY

As we get ready for the promised bit of chill, September also is a great month to make some cool tax moves, like those listed below. So, grab a sweater (or not yet), and let's go!
Sept. 1: Today is Meteorological Fall, the three months from Sept. 1 through Nov. 30 when days get shorter and cooler, but not cold. It's also the start of the annual National Preparedness Month. This year’s theme is “Start a Conversation,” since it's important to talk with your loved ones about potential emergencies. It's also critical to be prepared, as the Atlantic and Gulf of Mexico hurricane season usually peaks in September.

We’ve already had three tropical systems do enough damage to prompt Federal Emergency Management Agency (FEMA) major disaster declarations. The 2024 tropical storm season’s second named storm, Hurricane Beryl, landed as “just” a category 1 on the Texas coast, but still took 38 souls and left Lone Star State residents facing an estimated $30 billion in damages.

Hurricane Debby made two U.S. landfalls, in the Big Bend area of Florida and then again in South Carolina before moving up the Eastern Seaboard, producing disaster declarations all the way up to Vermont. Tropical Storm Ernesto, followed, slamming the U.S. territories of Puerto Rico and the U.S. Virgin Islands, as well as spawning deadly rip tides along East Coast beaches as the storm moved toward Bermuda.

And, coinciding with Meteorological Fall, we’ve still got three months of the 2024 hurricane season to go!

That has coastal residents on edge, since Uncle Sam's official forecasters at the National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center say we could get 17 to 25 total named storms, which are those with winds of 39 mph or higher. Of those, eight to 13 are forecast to become hurricanes, meaning winds of 74 mph or higher. Four to seven becoming major hurricanes; that’s category 3, 4 or 5, with winds of 111 mph or higher.

Regardless of the count, it only takes one to wreck your world. If you haven’t already, get ready for not just tropical systems, but whatever dangerous weather that’s common where you live. The countdown clock above can help you keep track of how many more days you have to worry about tracking any size or type of tropical storms. You also might want to check out the ol' blog's special Storm Warnings collection of special pages with posts offer tax advice on preparing for, recovering from, and helping those who sustain damages from the many ways that that weather goes wild.

Sept. 2: Happy Labor Day! This annual celebration of workers' contributions is a federal holiday and day off for many.

When you get back to work after this three day holiday, take a few minutes to check the federal tax amount that’s coming out of your paychecks. If you need to adjust your withholding so that you have the most accurate amount of taxes withheld, now is the time to do that. Submitting a new W-4 early this month will mean any changes are spread over the last four months of the year, making any impact less noticeable.

Sept. 3: If you live in Auglaize, Crawford, Darke, Delaware, Hancock, Licking, Logan, Mercer, Miami, Richland, or Union counties in Ohio, today is your Tax Day. The Internal Revenue Service granted individual and businesses in those counties tax relief since they were declared major disaster areas following a tornado outbreak in March.

Sept. 10: Do you work as a server at a restaurant or at any other establishment where gratuities from customers are part of your compensation? I hope you get all the tips you deserve for doing your job well. Remember, though, that those tips are taxable income.

Whether you're dining at your favorite eatery or getting food delivered to your home, if a tip isn't included on your restaurant or delivery bill, click the image above to calculate how much to tip the person who brought it to you.

And if you got at least $20 in gratuities in August for your extraordinary services as a food server or hair stylist or parking valet or whatever job where tipping is common, you must report that amount by today. Use Form 4070 to let your employer know the total tips you took in last month.

Sept. 16: Today is the deadline to pay your third installment of estimated taxes. This tax is due on income that’s not subject to withholding, such as investment earnings or contract work. Most estimated tax filers make the payments four times a year. The September payment is for such earnings received in June, July, and August. It’s usually on the 15th, but since that was Sunday, the deadline is pushed to the next business day — today!

Sept. 23: Sept. 22: The Autumnal Equinox arrives today at 8:44 a.m. Eastern Daylight Time in the Northern Hemisphere, marking the first day of Fall for all us who don't follow the meteorological fall calendar. Adjust for your time zone, since the equinox occurs at the same moment worldwide. It's also a go-to day to think about home maintenance that will help you weather the coming colder weather. The Inflation Relief Act includes extension of older and addition of new energy-related tax breaks, including some for residential energy improvements.

Sept. 30: Wow! Where did September go? That’s a good question to ask if you got an extension to file your 2023 tax return earlier this year. The last day of this ninth month means that your absolutely final Oct. 15 due day is another month closer. So you might want to get to work on that Form 1040 now. The easiest way to do do is to use tax software and electronically file.

If your adjusted gross income is $79,000 or less, you should check into Free File, the no-cost online tax preparation and electronic filing program offered by the IRS and its Free File Alliance partners. It’s open through the Oct. 15 extension deadline. This year, eight tax software companies offer programs to qualifying taxpayers.

Note that the Free File $79,000 or less income threshold applies to all filing statuses. If your income is too high, you still can file for free by using Free File's Free Forms option.

Small Business Tax Calendar: Important filing, deposit and record keeping dates throughout the year that your company needs to know. You can get more tax calendar information at the IRS' online calendar page and view the full year's important business and individual tax dates in IRS Pub. 509.

State Tax Help

Don't forget your state taxes!
Forty-three states and D.C. collect personal income taxes. But even if you live in of the seven states without an income levy, you still face other state (and local) taxes.

State Tax Departments provides links to your state's Web page. The companion page, Tax Tidbits, is the compilation of blurbs about each state's tax laws. And for more state tax news, check out all our state tax bloggings.

Tax Forms

Thanks to our increased use of tax preparers and computer software, many of us don't see our tax forms until we sign and file them. But knowing what's on these documents, either in paper or digital form, and why the IRS wants it is key to understanding our tax system. And knowledge definitely is power, especially when it comes to tax savings. Find this valuable information in the ol' blog's special Tax Forms 2024 page.

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…and so it continues into 2023
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