You're probably realizing that you need to find a streamlined, impeccable way to manage your books if you're making money as a professional wrestler. The truth is that accounting for professional wrestlers starts to get pretty intense once you factor in things like earnings gained through matches and competitions.
Why Proper Bookkeeping For Professional Wrestlers Is So Important
There are also tax details to manage if you are paid income by a professional wrestling organization. You may also be earning income by training others. What about bonuses, paid appearances or free swag? All of these income streams are handled differently by the IRS. That means you could be in for a “powerslam” you didn't see coming at tax time.
It's not easy to keep track of business spending and income when you're on the road getting to matches. However, every copy of a check or receipt matters when you're being paid per diem, per match or on a contract basis. The state that you're in when you earn money for wrestling as a professional will impact your tax rate in many cases. Exactly who is paying you could also determine how your tax duties need to be handled. It may be necessary for you to submit quarterly tax payments to the IRS based on the estimated earnings for income that you make outside of a full-time contract.
Keep More Of Your Earnings With Smarter Tax Planning For Professional Wrestlers
When was the last time you did a deductions check? New tax laws mean that some of the deductions you've been using based on advice you received from a CPA years ago have stepped out of the ring. However, some new deductions may be able to help you cut weight when it comes to your tax obligation. Don't let tax season sneak up on you this year without making sure you're aware of new deductions that can simply allow you to keep more of your very hard-earned earnings. Gym equipment, training gear, clothing that you wear in the ring and all of the other "tools of the trade" for a professional wrestler could qualify for tax deductions.
Discover Ways To Handle Long-Term & Short-Term Accounting For Professional Wrestlers
It goes without saying that you need to work with a CPA for professional wrestlers if you make your money in this genre. There's simply too much room for income to slip through the cracks or tax problems to get you up against the ropes. However, you should also consider bringing financial advisers for professional wrestlers into the picture to help you build a long-term plan for keeping, growing and enjoying the money you're earning today. You may have been told by someone else in the industry that it's essential to seek out CFO advisory for professional wrestlers now that you're making money from your passion. Here at Fusion CPA, we are motivated by making sure you don't get bounced around out there when it comes to figuring out bookkeeping for professional wrestlers. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive