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 […]
Even though Tom Brady lowers his non-resident tax by over $20,000 by playing in this year’s Super Bowl in Texas, his home state of Massachusetts will make him pay, win or lose Although all income is subject to federal tax, where the bonuses from this year’s NFL playoffs and Super Bowl becomes interesting, is at […]
Max Scherzer’s new seven year $210 million contract is a good example of how proper tax planning in a negotiation can increase its’ overall net (after tax) value. Much has been made of the resident and non-resident tax liability that professional athletes face in the multiple states and cities in which they preform services. Often […]
Over the past few days both Pablo Sandoval and Hanley Ramirez have signed with the Boston Red Sox and left their former California ball clubs and the state’s 13.3% tax rate behind. A closer look at the numbers shows how this signing not only makes sense on the field but also makes dollars and cents […]
Peyton Manning eyes a second Super Bowl ring while New Jersey has visions of taxing his salary. This Sunday, fans of the National Football League (NFL) will not be the only ones paying attention to the players in this year’s Super Bowl. Tax authorities from the State of New Jersey will also be keeping a […]
Authors Alan Pogroszewski and Kari Smoker examined this very question in their recent law review article and conclude that it is. Marquette Sports Law Review May 31, 2013 In July of 2009 the state of Tennessee imposed a Professional Privilege tax on athletes performing services in the NBA and NHL. Those athletes are assessed a […]
Hearings concerning controversial tax matter scheduled for later this week Is Tennessee’s version of the “jock tax” unconstitutional? Authors Alan Pogroszewski and Kari Smoker examined this very question in their recent law review article and conclude that it is. Is Tennessee’s Version of the “Jock Tax” Unconstitutional? appears in the spring edition of the Marquette […]
State Taxes makes Dwight Howard’s Decision more Taxing There are several financial dynamics in Dwight Howard’s potential decision where he will play next season. First, there’s the length and the terms of the contract, which are dictated by the Collective Bargaining Agreement (CBA) of the National Basketball Association (NBA) and secondly, there are the unique […]
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 […]
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