With athletes trying to make the most out of a relatively short-lived career in professional sports, they need to take advantage of how they engage with their fan base in order to build a strong connection through online social media platforms. Athletes of individual sports which are favored by the general public can be considered as a safe bet for industries looking to invest in athletes.
Solo-sport athletes are often compared to lone wolves, since they don’t have a team or in this case a pack to support them as athletes in team sports would. Therefore, it is crucial for them to create their own support system which should consist of professional advisors, among others.
For most solo sport athletes, given their constant traveling and inherent tax obligations, the subject of income taxes can be very scary. Although most solo-sport athletes have their own personal tax experts, knowing and understanding their tax obligations may sometimes spare them from major headaches. In this article, the Money Smart Athlete will explore the different tax obligations that solo-sport athletes have depending on their sources of income and where that income has been earned.
The life of solo-sport athletes may seem fascinating in the eyes of spectators, being the center of attention while they perform, having independence and autonomy since they don’t need to rely on the efforts of others; taking on all the credit for their success. However, there is much more to solo-sport athletes than meets the eye. From swimming, to running, to golf and tennis; individual sports come with a wide range of obstacles; proving to be more challenging emotionally and mentally; relative to individual sports.
