Leading money winners added to sidebar
In a recent blog entry, megamunch had a list of suggestions for the MLE web site. One request was to keep track of the total money won for the year. It was not difficult to have the eatfeats database compute that automatically, so I have made a list of the top 10 money winners in the sidebar, based on the prize information I could find. Click on the name in the sidebar to see the breakdown. I have not been able to find prizes for all IFOCE and AICE contests. I only have the first place prize for the Fairfield rib contest and I can’t find any prize information for AICE Coney Island hamburgers or Italian sausage. You can modify the prizes in the database. The prizes do not take into account the list prices of non monetary prizes. If they did, Joey’s total would be about $20K higher due to the car he won at the Wing Bowl, and Burritos For Life winner Mike Shelley might be the overall leading money winner (the announced list price of the custom motorcycle he won is $62K)
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The_Hangman said (Registered August 30, 2006)
October 27, 2006 @ 5:45 am
Listing the prize money might be good for the fans but might not be good for the eaters. The IRS will get wind of the money out there and demand that all eaters pay taxes on all their winnings.
Brazen said (Registered August 3, 2006)
October 27, 2006 @ 6:15 am
That’s rather impressive. I’m pretty sure my university careers advisory service didn’t have any information on Competitive Eating when I was investigating potential occupations.
Philly Guy said
October 27, 2006 @ 8:19 am
They already have to pay taxes.
Liz said
October 27, 2006 @ 11:44 am
Now you just need to factor in any money lost from work missed, and the amount they spent on travel and lodging 😉
I know sometimes the sponsors take care of them, but I wonder if most big money winners just break even.
Anonymous said
October 27, 2006 @ 1:01 pm
And there are appearance fees to consider.
Steakbellie said (Registered August 11, 2006)
October 27, 2006 @ 1:28 pm
Liz,
My guess is that most of the guys in this list are able to write off any expenses that arent covered by the Sponsors….plus they could write off training supplies! How bout a burger?
Liz said
October 27, 2006 @ 2:32 pm
Seriously, are you guys able to write off travel/training expenses? The IRS goes for that?
Steakbellie said (Registered August 11, 2006)
October 27, 2006 @ 3:28 pm
I dont know if any of them do it, but I dont see why they shouldnt. I ran my own company for a few years as a consultant, and if I were an Eater of Top 10 quality I’d run it the same way.
First I’d get a Tax ID number and open a Bank account under that number. To make things transparent I’d buy all of my travel expenses and training supplies out of that account and place all of my winnings in it. If they are going to tax you on your winnings it’s only fair you not get taxed on things that went directly to legitimate expenses. Surely Race Car Drivers or Horse Jockeys do something similar.
You could probably sneak under the radar in smaller contests, but these ESPN shown contests are going to drawn attention.