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. […]
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 […]
Think you’re eligible for credits you didn’t claim in a previous year’s tax return? Then, file an amended return and claim a credit for the overpayment of income taxes paid on your original tax return. You have up to three years after filing the original return to file an amended return. If you think the […]
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 […]
Cleaning out the basement or garage this summer? Donating used equipment or autographed memorabilia is a great way to earn goodwill and a tax deduction. An individual who earn more than $1,000,000 a year receive one dollar in tax savings for every three dollars in value donated to charitable organizations. If you would like more […]
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 […]
Even the simplest mistake can delay the processing of your return and refund. One of the most common mistakes according to the IRS is failing to sign your returns. So double check your return and make sure to sign it before sealing the envelope. Contact one of our advisors at (585) 705-3405 today to see […]
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 […]
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
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AFP Consulting LLC has had the awesome privilege of working with a handful of sport professionals from many different sports. ...