Taking a swing at better, smarter accounting for baseball players? It turns out there are many bases to cover when making a comprehensive plan for bookkeeping for baseball players. Working athletes need to be in a constant state of tracking earned income, tax obligations, tax benefits and long-term goals as part of a cohesive, dependable financial plan. Recent changes in tax laws affecting working athletes have made it essential to seek out professional tax services to make sure you're up to speed with the new game plan that the IRS expects from you.
Why You Need A Special Plan For Accounting for Baseball Players
There's not always a lot of time to think about how to keep your books organized when you're hanging around at home plate. Grueling training paired with the need to keep your head in the game can make it easy to let the "business" end of the home run business get lost in the shuffle. That's probably why most players eventually get a CFO advisory for MLB players by their side.
How much is really involved here? You probably already know that residency can be a big deal for players. It turns out that where you decide to call home can impact your tax situation. Have you made sure that you're handling this factor in the best way possible? Another topic that's probably on your mind is the handling of royalties. The truth is that receiving royalties isn't the walk in the park that most athletes envision before they are signed. You need to make sure you're receiving and accounting for all due royalties. You also need to keep track of exact royalty totals because the IRS is going to be very interested to learn how much you've received. Of course, even something like a signing bonus can create a very long accounting trail that needs to be addressed before the next tax season rolls around. Hold off on writing that check to the IRS. The specifics of your signing bonus may determine whether or not you need to pay for this income stream on the state level.
Learn to Play Ball With The IRS: Tax Planning
You could face some serious issues when it's time to step up to the plate at tax time if you haven't been keeping good records and practicing good tax planning for professional baseball players. Working athletes simply play by a completely different set of tax rules than other people. Making on-time tax payments and ensuring that you're reporting income earned through league salary, bonuses, and free gifts are necessary to avoid some serious tax headaches that can chase you around for years. Of course, tax planning for baseball players like you doesn't have to be all about what you payout. The resources you use for training could all qualify for nice tax deductions. What's more, you may be able to use your generosity and passion for giving back to build up some unexpected deductions.
What's Your Plan For Bookkeeping for Baseball Players?
Have you considered working with a CFO advisory for baseball players to make sure your financial picture is solid? At Fusion CPA, our financial advisers for baseball players understand the unique accounting challenges and potential tax perks of making a career out of a love of the game. A team of financial advisers for baseball players consisting of a CPA for baseball players and sports-centric tax experts will work hard to help you play hard without any worries about your short-term or long-term financial strategies. 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