1 April 2018
The tax problems of professional athletes are a recurring theme. The mobility, short career span and public exposure of athletes, create unique tax challenges which need to be handled carefully. Unfortunately, most athletes do not have the background, nor are familiar with the complexities inherent to tax systems. This ignorance, coupled with lack of guidance, can sometimes get athletes into trouble!
The complications of the tax issues faced by athletes include the filing of multiple tax returns, perhaps in various countries if they are competing internationally, or in various states if they are competing in the United States. Even the most sophisticated and financially literate athletes cannot cope with handling tax compliance obligations of such complexity. Additionally, athletes are in the public eye because everyone, including the tax authorities, knows how much they make and where they have been competing.
This month, we want to educate you, the Money Smart Athlete, to deal with your tax situation effectively and efficiently. We know that you cannot do this alone! Your dream of being a professional athlete should include a competent tax advisor by your side. You definitely need to have the guidance, support and help of a competent tax advisor, who can protect you from the minefields of taxation while maximizing your hard-earned money!
Athena P. Constantinou