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 […]
Blog Posts Tagged with "tax tips"
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 […]
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 […]
To increase tax revenue from noncompliant taxpayers, California, Colorado and Arizona offer a tax amnesty for individuals with outstanding tax liability in their particular state. California’s amnesty program started August 1st and lasts until October 31st, Arizona’s program started September 1st and runs until October 1st and Colorado’s runs from October 1st to November 15th. […]
It’s essential you keep good records to justify each hockey related business expense. If the IRS ever requests further documentation from you about a specific expense, you will need to do two things to prove you are entitled to deduct the expense. Prove you made the payment by providing either a cancelled check, bank statement […]
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 […]
Angles Pay $23,368,000 More Because of State Income Tax Rate The Anaheim Angels of Los Angeles captured the most sought after free agent this offseason when they signed Albert Pujols to a 10-year, $254 million contract. With a maximum state income tax rate of 9.55% and an additional 1% on income in excess of $1,000,000, […]
Are Athletes Overpaid or Well Paid? At the heart of this debate is marginal revenue produced. If the marginal revenue produced by an athlete is greater than the cost of his services, everyone wins. Prior to the fall of the reserve clause, which essentially forced indentured servitude on professional athletes, owners kept the revenue produced […]
Please note: the IRS has increased scrutiny of employee business expenses–specifically business miles. So to verify the business miles you drove during a tax year, it’s important you know how the IRS defines business miles for a professional athlete and how to document your legitimate business miles. Here’s what the IRS considers to be legitimate, […]
We often hear agents use the term ‘tax free income’ when they discuss the opportunity to play 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 […]
Regardless of where Kirk Cousins signs this off season, it provides an example, once again on how the 'jock tax' can affect the net (take ...
AFP Consulting LLC has had the awesome privilege of working with a handful of sport professionals from many different sports. ...