“Since 1955, April 15 has traditionally been known as “Tax day,” the day when income tax returns are due to the federal government. But for BMX pros, tax day has come to be known as a nightmare. That is because BMX pros are classified as independent contractors, not employees of their sponsors. Because of this classification, taxes aren’t taken out of their income, and that means that most BMX pros getting paid by their sponsors owe taxes to the government come April 15. Unless BMX pros are getting financial advice, they might not even know about this, which happened to be the case for Mike ‘Rooftop’ Escamilla.”– Brian Tunney, ESPN
15 Apr 2011
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