Steve Nash’s recent signing revives international income tax debate Steve Nash is a two time league MVP who has played in the NBA since being drafted by the Phoenix Suns in the 1996 entry draft. Nash, from Johannesburg, South Africa, was raised in British Columbia and with his recent free agent status had many Canadians […]
Driving to work out this summer? Be sure to keep good records on the miles you drive. The IRS allows a $.51 deduction for every mile driven for business purpose. Off season training for a professional athlete qualifies as a legitimate business purpose thus the mileage is deductible. For more information on how to keep […]
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 […]
As a professional athlete or coach, you may deduct your business mileage. This includes miles driven to and from any arena other than your game arena and mileage driven to the airport or to workouts during the off-season. Keep a notebook in your vehicle to track the number of miles you drive during the year. […]
Trading Spaces and Moving Expenses With training camp just around the corner for the NHL and NBA and all the athletes who change teams this off-season, it’s a good idea to review which moving expenses are tax deductible. This article discusses the requirements and limitations, deductible moving expenses, and necessary documentation. Business related expenses for […]
In a time when budget crunches have increased the need for revenue among states, Massachusetts has offered their taxpayers the unique opportunity to assists the state by paying more in taxes. Although the state income tax rate in Massachusetts is officially 5.3%, the state provides the opportunity for residents and non-residents to pay income tax […]
