Eats and Things!

First the eats...

As with any team, team members are recognized for the "stand-out" talents and, well, weaknesses too...an easy concept to understand and exploit! All successful teams work to minimize their weaknesses. Our team, though comprised of just the two of us, fits into the same mold. As such, Ashley has been hard at work learning to "eat" things that she has sworn to never put in her mouth...like yogurt (check out the video below)! You see, when we decided to take a try at this we very quickly sorted out our strengths and weaknesses and Ashley immediately offered that there was no way she could do anything related to heights, like bungee jumping, sky diving, hang gliding, etc., so Mark, being equally fearful of heights took those but only under the condition that Ashley do the eating challenges, with the single exception of eggs.



Next...the question of taxes...

So the question came up regarding taxes from game show winnings. After contacting an accountant, we are much better educated as to who really gets what. Guess it's not surprising that the IRS (Treasury Department) and Illinois Department of Revenue want as much as they can get. What is surprising is how they go about confiscating it. Below is the email question to Mark's accountant and the accountant's response.

Mark: "Tax question: What are the tax ramifications if I participate in a game show, win, and then donate 1/2 the cash prizes to charity? For example, if I win $500,000 and give $250,000 away to charity, then I'd only be taxed on the remaining portion - $250,000, correct?"

Guido (Accountant - CPA, MTA): "That’s correct in a normal setting, but we’re talking IRS here. The state of Illinois would tax the entire $500,000. The IRS would allow you to deduct the contribution but because your income was so high they would limit the amount you could deduct, therefore, the $250,000 deduction might be $200,000. Additionally, there is the Alternative Minimum Tax in which case you might only get to deduct $100,000. But what the hell you’d have been on TV and had your 15 minutes of fame and still have some money left over."

Meaning, using the worse case scenario, accounting for taxes, and the highest tax rate (2009), our donations will be reduced...unfortunately.

The Team - We're Making Progress

And now, introducing the father/daughter team...to beat! This pic is from our father and daughter dance during Ashley's wedding.

Here's the latest: We've each talked with charities and found that one of the larger organizations requires us to be chosen contestants to use their name. Another, smaller organization, is in dire need...a sign of the economy.

The plan for this week is to complete our applications, apply for a passport (Ashley), begin physical training (Mark may know a few things here) and continue to review charities.

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