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Category: Taxes

Tax Considerations for Football Contracts’ Buyout Clauses

Tax Considerations for Football Contracts’ Buyout Clauses

Football is a global market and star players relocate constantly, quite often from country to country.  Usually, football players sign contracts with clubs for a fixed term and if they transfer before their contract expires, the new club pays compensation to the old club as per the terms of the buyout clause contained in the player’s contract.  Normally, there is a lot of planning and preparation when bidding on a player whose contract contains buyout clauses, otherwise there is a…

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Athletes Competing in Individual Sports vs Team Sports – A Tax Perspective

Athletes Competing in Individual Sports vs Team Sports – A Tax Perspective

Most tax authorities impose tax on visiting sports people based on the principles of residency and source of income.  As a result, sports professionals competing internationally have to be alert that they may incur tax obligations, both in terms of tax filing and tax liability, in the countries where they are competing.  The tax obligations of sports professionals competing internationally vary, depending on whether they are competing in individual or team sports.  The method of compensation of team athletes and…

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How are professional athletes taxed in the US

How are professional athletes taxed in the US

Our guest blogger for April is Jonathan Miller, CPA (www.millerjcpa.com) and through an interview, he has given the Money Smart Athlete an overview and insights on how taxes work for athletes in the United States.  Jonathan is the co-founder and president of the Sports Financial Advisors Association in the United States and his CPA practice in Arizona has been advising a number of athletes for more than 30 years. MSA:  How are professional athletes taxed in the US for salary…

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Taxes and Sports Contracts Abroad

Taxes and Sports Contracts Abroad

There is a time in the professional career of an athlete that he may have to move to a team in a different country. Naturally, a player moving abroad has to face a number of challenges when settling and adjusting to the new reality of things. A new culture, a different language and the change of employer and colleagues are just a few of the things that players have to face when signing playing contracts in foreign countries. In addition,…

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Taxation basics for the Money Smart Athlete

Taxation basics for the Money Smart Athlete

So, you have just landed your first professional sports contract and you are on top of the world, “king of the hill, top of the heap” to use the words of the famous Frank Sinatra song.  There are so many things that you plan on doing with the big money you will receive from your sports contract, but paying taxes is not one of them! You do not have the least idea how taxes work, so you are not concerned…

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