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 […]
Blog Archive for February, 2012
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 […]
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 essential you keep good records to justify each hockey related business expense. If the IRS ever requests further documentation from you about a specific expense, you will need to do two things to prove you are entitled to deduct the expense. Prove you made the payment by providing either a cancelled check, bank statement […]
Were you fined by your team or the league this past year? The Internal Revenue Service [IRS] considers fines an ‘ordinary and necessary’ business expense and so you can claim fines as expenses on your income taxes. Now I wouldn’t encourage you to receive additional fines, but I would encourage you to keep track of the amount […]
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 […]
If you’ve received a letter from the IRS, don’t panic. Just call us soon. The IRS sends millions of notices to taxpayers during the late summer and fall. We can handle most of the issues easily—as long as you get them to us quickly. There are lots of reasons the IRS might contact you: to […]
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 […]
Want to know the status of your refund? If you e-filed you may receive refund information within 72 hours after the IRS has acknowledged the receipt of your tax return. By logging on to the government’s web site at www.irs.gov selecting “where is my refund?” from the main menu, or by calling 1-800-829-1954 the IRS […]
If you are an employee, coach, or professional athlete at the minor league level and your organization does not offer you a retirement plan, you may meet the eligibility requirements to contribute to an Individual Retirement Account (IRA). Traditional IRAs provide two benefits: they reduce your current tax liability and provide funds for your retirement. […]
January 1, 2012
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 questions filling out our questionnaire, call us at