Your largest lifetime expense will be your tax bill. Take a moment and let that sink in. The biggest bill you will ever pay will be the one you pay to the IRS. That is the bad news. The good news is you can and should be planning around it. You see tax planning for professional athletes is critical given you have one shot to do this right. In this guide, I am going to give you 7 tax planning strategies for professional athletes. Let's dive in... Professional Athletes - Tax St

Just Google your name, what comes up? Well for most people, it might be a career accomplishment or their LinkedIn profile. For professional athletes, you will be able to find exactly how much money they made, what team they played for, and probably guess how much they paid in taxes. Those tax bills are high and everyone wants their piece of those big contracts. So, let's play this out, you are a state where MLB, NFL, NBA, and NHL teams visit frequently. You would be crazy to

The excitement turned to sheer horror when I realized what I was going to be paying in taxes. Let me take you back. I had just signed my first professional contract and my mom sat me down to talk through taxes. You see my mom had an accounting background so she was quick to point out that taxes mattered. She showed me how more than 40% of my signing bonus would be heading to Uncle Sam. As a professional athlete, taxes are your largest lifetime expense. The good news is with p