The IRS has increased scrutiny of employee business expenses–specifically business miles. Be sure to keep track of your business miles in a mileage log to verify the legitimate purpose of each trip. It’s also a good idea to have your car professionally serviced at the beginning and end of each year to make sure you […]
Blog Posts Tagged with "income tax"
To increase tax revenue from noncompliant taxpayers, California, Colorado and Arizona offer a tax amnesty for individuals with outstanding tax liability in their particular state. California’s amnesty program started August 1st and lasts until October 31st, Arizona’s program started September 1st and runs until October 1st and Colorado’s runs from October 1st to November 15th. […]
Driving to work out this summer? Be sure to keep good records on the miles you drive. The IRS allows a $.51 deduction for every mile driven for business purpose. Off season training for a professional athlete qualifies as a legitimate business purpose thus the mileage is deductible. For more information on how to keep […]
It’s always a good idea to review your financial investments before the end of the year. Capital losses on securities are deductible up to $3,000 with any additional loss being carried forward to future years. So if you have securities that have depreciated over the past several years, let’s consider liquidating them before the end […]
Playing in Europe or Asia this upcoming season? Playing abroad doesn’t excuse you from paying income taxes in North America: If you’re a U.S. citizen or a Canadian resident, you’re required to claim all worldwide income on your year-end income tax return.
As a professional athlete you are taxed on income earned in states in which you perform services. Your team will withhold state tax on this income and that will be reflected on your year-end tax documents. If you were injured during a road trip and did not play in one or several road games, you […]
If you sold stock during the past year, the sales price of that stock is taxable, but you can offset that amount by any cost related to the purchase and sale of the stock. Be sure to contact your stockbroker and ask for a realized gains and loss report. If you paid more than you […]
The Cautionary tale of Darryl Strawberry’s Battle with the IRS Darryl Strawberry’s tax and financial troubles tell a cautionary tale about how professional athletes can become prime targets for the IRS. Strawberry, whose career ran from 1983 to 1999, is still battling the IRS, according to a Notice of Levy reportedly sent to HarperCollins Publishing […]
Angles Pay $23,368,000 More Because of State Income Tax Rate The Anaheim Angels of Los Angeles captured the most sought after free agent this offseason when they signed Albert Pujols to a 10-year, $254 million contract. With a maximum state income tax rate of 9.55% and an additional 1% on income in excess of $1,000,000, […]
Are Athletes Overpaid or Well Paid? At the heart of this debate is marginal revenue produced. If the marginal revenue produced by an athlete is greater than the cost of his services, everyone wins. Prior to the fall of the reserve clause, which essentially forced indentured servitude on professional athletes, owners kept the revenue produced […]
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. ...