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Pro athletes Lose a fortune Under New Tax Law

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John Beagle View Drop Down
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    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: 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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Post Options Post Options   Thanks (0) Thanks(0)   Quote John Beagle Quote  Post ReplyReply Direct Link To This Post Posted: Dec 06 2018 at 1:17pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote John Beagle Quote  Post ReplyReply Direct Link To This Post Posted: Dec 06 2018 at 1:19pm
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