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Pro athletes Lose a fortune Under New Tax Law

Printed From: Main Street Monroe
Category: Voice Forums
Forum Name: Political Voice
Forum Description: Regional and national political opinions
URL: http://voice.mainstreetmonroe.com/forum_posts.asp?TID=3595
Printed Date: May 24 2019 at 10:17am


Topic: Pro athletes Lose a fortune Under New Tax Law
Posted By: John Beagle
Subject: Pro athletes Lose a fortune Under New Tax Law
Date Posted: Dec 06 2018 at 1:10pm
CPAs who work with athletes say they can no longer get full deductions for state and local taxes — or for itemizing.



“One of my players makes $2 million a year, and it will cost him $80,000 more now because he can’t deduct state taxes [over $10,000], agent fees, workout clothes, meals and entertainment, and his cellphone,” says Steven Goldstein, a CPA with Grassi and Co. in New York who works with over a dozen professional athletes and celebrities.

And players who make tens of millions of dollars a year will potentially pay hundreds of thousands more a year in taxes.

More:  http://www.marketwatch.com/story/why-pro-athletes-may-lose-a-fortune-because-of-the-new-tax-law-2018-12-06" rel="nofollow - https://www.marketwatch.com/story/why-pro-athletes-may-lose-a-fortune-because-of-the-new-tax-law-2018-12-06




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The privilege of a lifetime is being who you are.
-Joseph Campbell



Replies:
Posted By: John Beagle
Date Posted: Dec 06 2018 at 1:17pm


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The privilege of a lifetime is being who you are.
-Joseph Campbell


Posted By: John Beagle
Date Posted: Dec 06 2018 at 1:19pm


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The privilege of a lifetime is being who you are.
-Joseph Campbell



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