There are a few things that we know for sure about today’s Super Bowl game:
- This year, no Manning will win the Super Bowl (thank goodness).
- The two quarterbacks who are playing in the big game (Warner and Roethlisberger) have not been particularly stellar throughout the regular season. Trust me. They were my fantasy football quarterbacks this year.
- The Super Bowl will be televised in 230 countries in 34 languages.
- Beer commercials will be plentiful – but not as much as last year. PepsiCo. dethroned Anheuser-Busch/InBev this year to top all advertisers this year in paid Super Bowl ad spots.
- Defense, defense, defense. The key to the game will be whether the Steelers could do what the Eagles could not (insert sobs here) and stop the Cardinals’ run.
- A lot of people will bet on the big game. A lot. Last year, legal bets alone on the Super Bowl totaled nearly $100 million with billions more made offshore, online and in office pools. This year, with illegal bets added in to the mix, analysts predict that nearly $10 billion will be wagered on today’s game, an increase of about $2 billion.
Yep, betting on the big game is all the rage. Experts predict that nearly half of all American adults will make some sort of wager on the big game. Apparently, a poor economy might make you rethink that authentic NFL jersey but not discourage you from throwing a few bucks in a betting pool.
If you win, you’ll need to pay up to Uncle Sam, regardless of whether the winnings were from legal sources. Gambling winnings, legally gained or not, are fully taxable and must be reported on your tax return. Winnings include proceeds from lotteries, raffles, horse races, casinos, cash winnings as well as the fair market value of prizes such as trips and cars.
And if you lose? Well, all is not totally lost. You can deduct gambling losses if you itemize deductions on your tax return on a Schedule A, though the amount of losses cannot be more than the amount of gambling income that you reported on your return.
Win or lose, it’s sure to be an exciting game. Who’d have figured a Steelers versus Cardinals finale? Even odds makers in Vegas have to be shaking their heads at this one.
Despite the crazy season, one of these unexpected teams will become the Super Bowl champions. So, what is the official line on the Super Bowl? The Steelers are the favorites to win by 6 points.
Go Steelers!
While most of Philadelphia has been trying to get over the pain of the elimination of the Eagles from Super Bowl contention by the Cardinals (the Cardinals?!), scam artists have been looking for ways to turn Pittsburgh Steelers gold into real gold… Pennsylvania Attorney General Tom Corbett has alerted consumers to be wary of potential scams surrounding the upcoming Super Bowl.
Currently making the rounds is a bogus Super Bowl contest notification. Corbett’s office has received complaints about a scam letter informing consumers that they have won a prize of $100,000 and two tickets to the Super Bowl. The contest implies endorsement from NFL and Visa.
To claim the prize money, consumers are urged to cash a check (actually counterfeit) for several thousand dollars in order to pay the taxes associated with the prize. Then, consumers are asked to wire money to a ‘claim agent’ who will verify their winnings. Only, as Corbett points out, “consumers who try to claim their prize by sending money to these scam artists will quickly learn that there is no $100,000 jackpot, there are no Super Bowl tickets, and the check they were given to pay the taxes will eventually be returned as counterfeit or forged.”
Remember, if it sounds too good to be true, it probably is. A prize for doing nothing and the taxes to pay for it all? Even Oprah doesn’t go that far.
So, be careful out there. If you’ve been the victim of a crime and wish to file a complaint or if you need additional information, contact the Attorney General’s Office by calling 1-800-441-2555 visit www.attorneygeneral.gov.
(Of course, the real Super Bowl crime is that I had both Roethlisberger and Warner on my Fantasy Football Team and didn’t even finish in the top three. Pish!)
picApp_publisherId = 447;picApp_imageId = 10835;picApp_imageWidth = 357;picApp_imageHeight = 250;picApp_configUrl = “http://pis.picapp.com/IamProd/FlashSite/GetConfig.aspx”;picApp_Picview=”http://pis.picapp.com/IamProd/FlashSite/en/picviewerv1_1.swf”;picapp_numberOfLine=2;ImageServe();
In consideration of the news that it’s costing us as much to promote and process the rebate checks as the combined Super Bowl advertising budget for the Patriots-Giants game, I’m launching a contest!
Your challenge is to promote the economic stimulus plan via print, podcast or video. You can be as serious or as cheeky as you want.
Depending on the number of entrants, there will be at least two winners – I may give out some special prizes, too.
The winners will have their entries posted on taxgirl.com and receive a taxgirl tee shirt!
Here’s how it works:
Entries must be sent via email with “Tax Rebate Super Bowl Commercial Contest” in the subject line to taxgirlmail@mac.com by 11:59pm EST on May 1 – the day before the first rebate checks will hit the mail.
You can create your ad as written text, video, print ads or podcasts. Send your written entries via plain text (either as a text file or just typed directly in the body of the email) or PDF. Scans or artwork must be in JPG. If you create a video or podcast, send me the URL where the video or podcast is hosted – consider YouTube, AOL video, Google video, Yahoo video or your own site. No other attachments or formats will be accepted.
Entries must be in English.
You must include your full name and your email address with your entry. I won’t publish your email address, but I do need contact information for the winning entry. I respect your privacy, and I will not send you anything unrelated to your entry in this contest.
You can enter the contest as many times as you’d like, as long as each submission is unique.
By entering the contest, you agree that b5media may post any part or all of your submission, including your name, as a part of the contest announcements or promotions, with the exception of your email address.
By entering the contest, you agree that all works submitted on your behalf are original and belong to you or you declare that you have the right to submit those works. You may not submit images or ideas that are not your own or that you do not have permission to submit.
All decisions relating to finalists and winners are in my sole discretion and are final.
As it turns out, the economic stimulus plan is costing us even more money than the $100 billion being mailed out “for free” to Americans.
At least $200 million more.
Here’s the scoop:
The letter that was mailed to you that advises that you might be eligible for a refund cost the IRS $42 million. That $42 million campaign doesn’t even offer any real information – not how much you’ll get, whether you’re personally eligible to receive a rebate check or when you might expect it. Just that it exists.
That doesn’t cover the costs of the letters which will be mailed advising you of when you might receive your check – nor the costs of actually processing those checks. The estimated cost of publicizing the rebate and processing the check will reach more than $200 million.
Putting it into perspective, that $200 million would have bought 74 Super Bowl commercials – more commercials than were aired during this year’s widely watched game. Now that would have been publicity.
Instead, the IRS is focusing on letter after letter because it believes that the campaign will change the minds of taxpayers about the agency. C’mon, no letter other than “Congratulations! You don’t have to pay tax anymore!” is going to make taxpayers think positive about the IRS. It’s even more mind-boggling that the IRS is trying to take credit for a legislative decision… The IRS is not giving anyone a hand out. They’re just printing checks.
From a publicity perspective, the IRS should have stuck to their YouTube pitch. There has been over 9,000 views in 8 days – 1,000 per day is probably more than the number of folks who actually read those letters.
I’ve decided to help them out – since that’s just the kind of tax blogger that I am. Keep your eyes open for my “Tax Rebate Super Bowl Commercial” contest…
(Hat Tip: Tax Foundation)
