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Specialty Services - Professional Athletes - Tools & Resources - Other Resources |
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Professional Athlete Kit |
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How to Use the Professional Athlete Tax Write-Off Kit
Congratulations on taking the first step to save income taxes and get more write-offs. As professional athletes, there are many items you can write off on your tax return. The more you can write off, the less tax you will pay.
The kit is intended to simplify complicated tax regulations, customize them for your circumstances, and provide a means to accumulate the necessary information that will ultimately save your tax dollars. If you have questions on how to use your kit, please call me free of charge and I'll be glad to help you.
The kit is our attempt to educate players on the tax laws and to make sure you are not paying too much income tax. To illustrate a potential tax savings, consider the following example:
| |
Not Keeping Track
of Write Offs |
Keeping Track
of Write Offs |
| INCOME |
| Salary/Wages |
$500,000 |
$500,000 |
| Dividend/Interest Income |
$ 5,000 |
$ 5,000 |
| Total |
$505,000 |
$505,000 |
|
| DEDUCTIONS |
| State Tax Paid |
$15,000 |
$15,000 |
| Charitable Contributions |
$--0-- |
$ 2,000 |
| Agent Fee |
$--0-- |
$ 25,000 |
| Training & Conditioning |
$--0-- |
$ 20,000 |
| Hockey Related Use of Auto |
$--0-- |
$ 3,000 |
| Travel & Business Entertainment |
$--0-- |
$ 5,000 |
| Total |
$ 15,000 |
$ 70,000 |
|
| Deductions Allowed |
$--0-- |
$ 46,843 |
|
| Taxable Income |
$505,000 |
$458,158 |
|
| Total Tax |
$158,082 |
$141,687 |
|
| Total Tax Savings |
$ 16,395 |
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As you can see, it is worth your time to keep track of your write-offs. If you would like to know if you received all of your potential write-offs last year, we would be happy to review any prior tax returns you have filed in the last three years, free of charge. These tax returns can be amended, if necessary, to include any deductions previously omitted in the original return, creating an additional refund of income taxes to you. |
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