State Taxes makes Dwight Howard’s Decision more Taxing There are several financial dynamics in Dwight Howard’s potential decision where he will play next season. First, there’s the length and the terms of the contract, which are dictated by the Collective Bargaining Agreement (CBA) of the National Basketball Association (NBA) and secondly, there are the unique […]
Blog Posts Tagged with "income tax"
The Oakland A’s have another disadvantage when pursuing free agents on the open market The plight of Billy Bean and the small market Oakland Athletics was highlighted in Michael Lewis’ 2004 book Money Ball. The stakes are different today and Bean’s biggest challenge comes from the state of CA rather than the large market teams […]
Earlier this year, Federal Reserve Chairman Ben Bernanke stated, “Under current law, on January 1, 2013, there’s going to be a massive fiscal cliff of large spending cuts and tax increases.” The tax increases include cancelling the Bush era tax cuts of 2001 and 2003 which would increase the individual tax rate for those in […]
Alex Rodriguez made headlines this past post season because of his ill-timed slump. However, the irony is: this slump may actually improve his financial situation by more than three million dollars. Over the last three post seasons, Rodriguez hit only 10 singles and two doubles in his 75 official at bats for a .160 batting […]
Week one of the National Football League (NFL) season means a bonanza of tax revenue for New Jersey As week one of the NFL concluded with 16 games in 15 states, it’s time to look at the tax ledger to see which states were the big winners. With states looking for ways to increase their […]
Steve Nash’s recent signing revives international income tax debate Steve Nash is a two time league MVP who has played in the NBA since being drafted by the Phoenix Suns in the 1996 entry draft. Nash, from Johannesburg, South Africa, was raised in British Columbia and with his recent free agent status had many Canadians […]
Curt Schilling’s Investment Failure Represents the Latest Example of the Unique Financial and Tax Implications Facing Professional Athletes Curt Shilling pitched 20 years in the major leagues and recorded 216 wins, two World Series titles, and millions of dollars in total earnings. Earlier this month, it was announced Schilling lost a majority of his savings. […]
In order to claim a deductible business expense that is both ordinary and necessary to perform your job, you must be able to justify the expense and provide evidence of payment. In order to justify the expense you should provide written documentation to substantiate the cost, the date of purchase, the place or description of […]
State income tax on non-residents incorrectly labeled a jock tax Author: Alan Pogroszewski The term “jock tax” first appeared in an article by Elizabeth Ekmekjian, “The Jock Tax: State and Local Income Taxation of Professional Athletes” published in the Seton Hall Law Journal in 1994. Since then, the jock tax has been highly publicized—but with […]
Lamar Odom’s win over the IRS was based on well founded legal precedent and IRS tax regulations. Lamar Odom is a high profile athlete who last season won the NBA’s sixth man award for the defending two time champion LA Lakers. This season, following a well publicized trade to the Dallas Mavericks, he is scheduled […]
Regardless of where Kirk Cousins signs this off season, it provides an example, once again on how the 'jock tax' can affect the net (take ...
AFP Consulting LLC has had the awesome privilege of working with a handful of sport professionals from many different sports. ...