Deduction Review

As with any individual, there are a variety of expenses that an athlete incurs that may be deducted for income tax purposes.  These expenses often include:

• Agent Fees
• Training& Gym Fees
• Chiropractic / Body Maintenance
• Supplements & Diet
• Charitable contributions
• League and club fines and penalties
• Tax return, brokerage account and financial management fees
• Travel expenses (if related to career)
• State, city & local income taxes

In practice, professional athletes often fail to deduct all possible expenses – either through poor documentation or poor tax advice.  This leads to an unnecessary payment of income taxes or in the worst cases, may lead to audit and penalties.  ETA’s tax attorneys and CPAs will review each client’s personal expenditures to determine which expenses are deductible to ensure that income taxes are minimized.