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 […]
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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?” […]
On July 1st when Tom Gilbert left the Florida Panthers to sign with the Montreal Canadiens he went from one of the lowest taxed organization in the NHL to the highest. This past summer, 138 NHL free agents changed teams. While each of the player’s salary were registered in gross dollars, teams and players need […]
Former New York Yankee Robinson Cano’s free-agent signing with the Seattle Mariners this past December illustrates how state tax policies can influence professional athletes in their contract negotiations. While all athletes incur federal tax liability on their earnings, their exposure to state and local taxes will be dictated by the income tax policy for their […]
Athletes consider alternatives as California’s latest tax increase is implemented In January, California increased its income tax rate by 2%—to 12.3%—for resident and non-resident individuals earning over $500,000. With California’s Mental Health Service Act imposing an additional 1% on individuals earning over $1,000,000, the state’s 13.3% income tax rate represents the highest of any state […]
The Oakland A’s have another disadvantage when pursuing free agents on the open market The plight of Billy Bean and the small market Oakland Athletics was highlighted in Michael Lewis’ 2004 book Money Ball. The stakes are different today and Bean’s biggest challenge comes from the state of CA rather than the large market teams […]
Earlier this year, Federal Reserve Chairman Ben Bernanke stated, “Under current law, on January 1, 2013, there’s going to be a massive fiscal cliff of large spending cuts and tax increases.” The tax increases include cancelling the Bush era tax cuts of 2001 and 2003 which would increase the individual tax rate for those in […]
Alex Rodriguez made headlines this past post season because of his ill-timed slump. However, the irony is: this slump may actually improve his financial situation by more than three million dollars. Over the last three post seasons, Rodriguez hit only 10 singles and two doubles in his 75 official at bats for a .160 batting […]
Week one of the National Football League (NFL) season means a bonanza of tax revenue for New Jersey As week one of the NFL concluded with 16 games in 15 states, it’s time to look at the tax ledger to see which states were the big winners. With states looking for ways to increase their […]
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. ...