Whether you are a seasoned veteran or a rookie navigating tax season for the first time, it can prove to be an extremely stressful time of year for all professional athletes. In addition to facing the same tax requirements as others, professional athletes have several additional layers of complexity. First, filing requirements can be confusing […]
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 […]
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 […]
As the Los Angeles Ram’s advance to his year’s Super Bowl the State of California ends up the ones paying! INTRODUCTION When the Los Angeles Rams defeated the New Orleans Saints in overtime to advance to this year’s Super Bowl in Atlanta Georgia, Saints fans were not the only ones who mourned the loss, the […]
Agents use the term ‘tax free income’ when they discuss playing in Europe or Asia, but what do they really mean and what are the tax implications? First of all: There’s no such thing as ‘tax free.’ However, the way your income is reported and distributed may make it appear to be without tax. Here’s […]
Abstract The Jock Tax Index (JTI) is a new proprietary tool and has been featured in “Off the Charts” by Scarlet Fu on Bloomberg Television’s Market Crashers. The JTI ranks each of the 30 Major League Baseball (MLB) teams according to the federal, resident and nonresident state and city income tax liability based on their […]
Playing in Europe or Asia this 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. For more information on your filing requirements please review “What Does Tax Free Really Mean?”
Authors Alan Pogroszewski and Kari Smoker examined this very question in their recent law review article and conclude that you should believe them. Marquette Sports Law Review May 31, 2015 In November 2010, former Los Angeles Laker, Lamar Odom, sued the Internal Revenue Service (IRS) because it disallowed tax deductions of $12,000 in sports fines […]
The scorecard regarding the new tax law shows that the location of your earnings creates both winners & losers Introduction There have been sensational headlines concerning the new tax law and how it will impact professional athletes. The most obvious change with the new tax law is the lowering of tax rates for all income […]
William Nylander’s recent signing provides a multitude of lessons in the valuation of a linked contract for a restricted free agents INTRODUCTION Minutes prior to the December 1st deadline to sign, restricted free agent William Nylander, agreed to a six-year $45 million contract with the Toronto Maple Leafs. However, there are many facets to this […]
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