Archive for February, 2011

Professional Athlete Deductions Can Provide Substantial Tax Relief

Saturday, February 12th, 2011

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.

Dr. John Karaffa Shares Financial Tips with NFL Prospects

Thursday, February 3rd, 2011

 

Dr. Karaffa Sharing Financial Tips with NFL Prospects

College professor and renowned personal finance expert, Dr. John Karaffa, recently spoke with participants of this year’s NFL combine training program at Tom Shaw Performance Enhancement in Orlando, Florida. Dr. Karaffa shared his experiences as a former professional athlete, tax accountant, and advisor to professional athletes with the audience that included over 20 professional football prospects. The 45-minute session provided the future pros with valuable financial guidance derived from former NFL greats on what to do and what not to do as they enter the professional ranks. Dr. Karaffa’s research with former NFL players resulted in a series of practical financial tips that help professional athletes make better financial decisions.

Tom Shaw Performance Enhancement is training program hosted at Disney’s Wide World of Sports. Coach Tom Shaw helps college players improve their ”speed, power, agility, quickness, and quickness” prior to attending the National Football League’s scouting combine. Coach Shaw, a former coach for the New England Patriots’ SuperBowl Championship teams, also trains current NFL players, and past participants of his program include 10 SuperBowl MVPs, 122 NFL first round draft picks, and 8 #1 picks.

For more information about financial education seminars tailored to meet the needs of professional athletes, please call Dr. Karaffa at (804) 363-9684 or visit us at www.prosportcpa.com.

Future NFL Pros Learn about their Personal Finances