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 […]
Blog Posts Tagged with "tax returns"
As a professional athlete, you can claim your summer training expenses as deductions against your earned income. Items like workout clothes, equipment, gym memberships, and mileage to skating facilities are all deductible. Just remember: keep good records of your expenses and mileage so we can justify the deductions on your income tax return. To find […]
Have you seen your W2’s yet? The IRS requires that all employers forward their wage slips from the previous year to all employees by January 31. If you changed teams over the past year, you may want to contact your former employer and let them know your current address to forward these documents. Otherwise without […]
Be sure to organize your papers. This minimizes the time and expense its takes to prepare your taxes—and frees our advisors to concentrate on lowering your tax burden rather than tracking down data. Fill out the tax questionnaire carefully and completely and separate your tax forms and receipts into different envelopes. If you have any […]
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 […]
As a professional athlete or coach, you may deduct your business mileage. This includes miles driven to and from any arena other than your game arena and mileage driven to the airport or to workouts during the off-season. Keep a notebook in your vehicle to track the number of miles you drive during the year. […]
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 […]
Please note: the IRS has increased scrutiny of employee business expenses–specifically business miles. So to verify the business miles you drove during a tax year, it’s important you know how the IRS defines business miles for a professional athlete and how to document your legitimate business miles. Here’s what the IRS considers to be legitimate, […]
How much will it cost you in additional income tax dollars to play in Canada? With professional sports leagues operating in both Canada and the US, athletes and their representatives should understand the international income tax consequences of playing across the border. Failure to do so could cost hundreds of thousands of dollars in additional […]
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. ...