With professional athletes facing overall tax rates in excess of 40%, appropriately utilizing all available Internal Revenue Service (IRS) tax deductions is a necessity. Professional athletes face unique costs due to their profession. Fees for agents, trainers, advisors, and union dues are all tax-deductible, as well as many other expenditures that are often overlooked.
The timing of taking certain deductions is also very important and an important element of optimal, effective tax planning. A year-end tax check-up with a tax accountant who specializes with professional athlete taxation is highly recommended.
With the big dollars involved, it is imperative that professional athletes receive all the appropriate credit from deductions that they are due on their taxes.
For more information or to speak with a tax professional, please call Dr. Karaffa at (804) 363-9684 or visit us at www.prosportcpa.com.