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. […]
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 […]
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. ...