As the New Year is here, it’s time to start accumulating the data you will need to provide to your accountant. Whether you’re a player in the NFL, NBA, MLB, NHL, MLS, WNBA, CFL, racing, boxing, overseas, or other pro sports, you have unique deductions that you can take due to your profession. Some tips to help save you money:
1. Find a qualified, credentialed tax preparer (such as a Certified Public Accountant, “CPA”), who specializes in working with professional athletes.
2. Communicate your situation, ask questions, and be open and honest with your tax professional.
3. Provide as much documentation as you can to your tax pro.
Follow these tips, and you’ll be well on way to saving yourself money. Good luck to you.
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.