Tax Strategy Looks FORWARD
Most tax returns are prepared after the year is already over
By then:
The money has been earned
The decisions have been made
Many opportunities may already be gone
Your tax return tells you what happened
Your tax strategy helps secure your plan for what happens next
ATHLETES DO NOT EARN LIKE EVERYBODY ELSE
Contracts
Appearances
Bonuses
Multiple states
Endorsements
Businesses
Sponsorships
Investments
Trades
Career transitions
TAX STRATEGY
Plan BEFORE the Money Moves
The better tax conversation happens before the decision.
Before December 31
Before the next endorsement
Before the next contract
Before the next investment
Before the next bonus
Before the next major financial move
PROFESSIONAL ATHLETE TAX
rPREPARATION: Federal | State | Multi-State
Where you live matters
Where you train can matter
Where you play can matter
How you earn the income can matter
ACCOUNTING
Know Where You Stand
What is coming in
What needs attention
What is going out
What may affect the tax picture
What may affect the tax picture
ENDORSEMENTS | SPONSORSHIPS | Business Income
Your Contract May Only Be Part of the Picture
Endorsements
Merchandise
Sponsorships
Personal brands
Appearances
Businesses
Social media
Investments
BUSINESS STRUCTURES
How You Earn Can Matter
The right structure depends on:
The athlete
The opportunity
The income
The larger financial picture
HIGH-EARNING COLLEGE ATHLETES
Professional Level Money Can Arrive Before the Professional Career
College athletes can now earn significant income through:
Sponsorships
Social media
Endorsements
Merchandise
Appearances
Business opportunities
LIFE AFTER PROFESSIONAL SPORTS
The LAST GAME is not the end of the financial story Income changes
Businesses grow
Priorities change
New opportunities appear
Investments change
FOR THE PEOPLE PROTECTING THE PLAYER
Athletes rarely make every major financial decision alone.
Parents
Attorneys
Family
Financial advisors
Agents
Business managers
Coaches
Trusted professionals
THE MOST EXPENSIVE TAX ADVICE
CAN BE THE ADVICE YOU GET TOO LATE
Then you hear:
"You could have done this"
"You should have done that"
"If we had known earlier…"
There is a DEADLINE You CANNOT EXTEND
DECEMBER 31
Once the year closes, many of the financial decisions made during that year become history.
The money has moved
The decisions have been made
The transactions have happened
Some opportunities may no longer be available
TAX PREPARATION LOOKS BACKWARD