Since April is tax season, we’re focusing on how athletes can navigate the unique tax challenges they face. This month, we’ll cover everything from the basics of athlete taxes to managing international income, maximizing deductions, preparing for audits, and reflecting on post-tax season strategies.
Athletes often deal with fluctuating income, sponsorships, and international earnings, making tax season more complex. Understanding the basics of tax laws and international tax strategies can help minimize liabilities and ensure compliance.
Maximizing deductions, such as training expenses, travel, and agent fees, can also reduce taxable income. Staying organized and proactive throughout the year will help athletes avoid stress during tax season and prepare for potential audits.
Finally, after the season ends, reviewing tax strategies will ensure that athletes are better prepared for next year’s planning. This month, we’ll cover all these aspects to help athletes make the most of tax season.
Athena P. Constantinou
E-mail: [email protected]