The 3 Costliest Misses for NFL Players | Zach Miller | NFL Players’ Series #18
Athlete Wealth Podcast
English - April 07, 2021 20:14 - 10 minutes - 9.5 MB - ★★★★★ - 8 ratingsFootball Sports Business Investing nfl players athlete finances athlete wealth athlete wealth management business finance football players investing nfl oakland raiders Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Listen as I explore the 3 tax planning opportunities I personally missed and continue to see NFL and MLB athletes missing every year. This is money that should be in your pocket that you are missing out on.
The Jock Tax - Every time you visit another state to play a game, you pay state and local taxes according to however your team calculates payroll. The problem is they sometimes ignore training camp, minicamp, injured reserve and possibly cost you a lot in taxes. Recalculating your “duty days” can save a ton of money throughout your career. Individual 401k - Deferring your endorsement income (think trading card deals, appearances, endorsements) can save up to $22,800 every year for NFL Players. This adds up over a career.Roth IRAs - I go into detail how much my advisors cost me by missing non-deductible Roth Conversion strategies. Missing this simple strategy is evidence of just plain bad tax planning.Go check your financial accounts and if you don’t have a Roth IRA account and Individual 401k account, you are getting poor tax planning from your advisors. Time to move on and get a team that can actually allow you to keep more money in your pocket.
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