Focus on the Game While a CPA for Professional Athletes Focuses on Your Finances
Professional athletes are frequently under pressure to perform both on and off the court, but a CPA for professional athletes can help take some of the pressure off. That’s because a skilled accountant is able to organize your finances and provide you with a wide range of services that will ensure that you have complete control over every penny that you’ve worked hard to earn.
The best part about the services that are offered by a CPA who has experience working with professional athletes is that they understand your unique situation. Not only does a CPA for professional athletes understand the necessity of being discrete, they understand how your career choice can affect your taxes, investments, and retirement, allowing you to keep more of your money and use it for decades to come.
Taxes, accounting, and more
As a professional athlete, you spend a lot of time communicating with a wide variety of professionals who are able to provide you with the support you need to be successful in your chosen sport. However, that doesn’t mean you want to add a bunch more to the list!
Choose an accountant who provides a wide variety of services so that you aren’t stuck speaking to one professional about your taxes and another about your accounting needs.
A well-rounded and experienced CPA for professional athletes offers services like:
- State tax and residency strategies
- Multi-state income tax minimization strategies
- International tax minimization strategies
- Charitable contribution strategies
- Mortgage interest deduction strategies
- Litigation support services
- Financial consultation services
- And more
Aggressive retirement planning strategies
Tax support services are extremely important to athletes, and everyone else for that matter, but it’s not the only important financial service that you need to consider. There are few things more important for a professional athlete to consider than retirement.
Professional athletes are in the unique position to amass wealth in a short period of time, but your career can end quickly and without warning. An injury, contract release, or nonrenewal can mean the end of your career, possibly leaving you to face the reality of starting over in a different industry that pays less. That is, unless you plan properly for your retirement. Aggressive retirement strategies will enable you to live off of your earnings for the rest of your life.
A skilled CPA for professional athletes can help you identify your long-term goals and create a financial strategy that will allow you to meet those goals. A multifaceted approach that includes budgeting, financial forecasting, risk management, and investments will ensure you enjoy a fulfilling financial future, no matter how long you’re able to play the sport of your choice.
A team of professional CPAs you can trust
When it comes right down to it, it’s important to choose an accountant you can trust. If you choose a team of accountants, you can rest assured that you’re getting the complete support you need to enjoy a bright financial future.
If you’re looking for a CPA for professional athletes with experience in the industry, contact us today and we can help you create a financial plan that will support your family for many years to come.
CPA for professional athletes FAQ
What sorts of financial challenges do professional athletes face that others do not?
Everyone can benefit from the services of a professional accountant, but some can benefit more than others. Athletes are a unique subset of the population who really require professional assistance because they face unique financial challenges that include:
- Revenue on royalties, merchandising agreements, and endorsements that’s taxed
- Jock tax that’s common in many states
- Unusually short careers
- Travel expenses
- The need for services that include personal trainers and physical therapists
Athletes have many other considerations that the average person does not, making a professional CPA a must.
Is there anything I can do if the IRS says I owe an exorbitant amount of money?
If you don’t file your taxes properly, you’re likely to get a rather large bill from the IRS, especially if you’re a professional athlete. One extreme example involves four professional baseball players who ended up paying more than $1.5 million on bonuses that were earned outside the US.
If you find that you owe more than you feel is reasonable, a CPA for professional athletes can dig into your finances and file an appeal to have the amount reduced. In the case above, knowing the right international tax issues and treaty regulations would have greatly reduced the tax burden on those athletes.
When should you seek the assistance of a CPA for professional athletes?
Many people don’t seek professional help from an accountant until tax time comes around, but that’s not a good strategy if you’re a professional athlete. Before you even sign your first contract, you should enlist the help of a CPA you trust.
A CPA who has experience working with professional athletes can help you look over the contract before it’s signed, ensuring you’re getting a good deal.
Then, as soon as you receive your first paycheck, a CPA can help you start saving for retirement. The earlier you save, the more likely you are to maintain a high-quality of life, even after your career has come to an end.
In addition, working with the same professional from the very beginning allows that person to understand your situation through and through, providing you with better advice for your financial future. It’s never too early, and it’s never too late, to get a CPA for professional athletes to help you with your finances.