Dedicated to providing exceptional service, edvonomics is proud to provide innovative international business, accounting, and tax services for clients from all industries. For clients in the Metro Atlanta communities of Duluth and Norcross, our Atlanta location is easily accessible. Our London CPA office is proud to serve clients from the surrounding communities of Anderson and Spartanburg. For more information about our tailored services, please contact us for a consultation.
Navigating the world of professional sports can be challenging. At Edvonomics Accounting, our experienced Greenville accounting and tax professionals offer support and guidance to help professional athletes avoid unnecessary taxes while strategically planning for their futures after retirement from professional sports careers.
Strategic Tax Planning for Professional Athletes
Professional athletes face a unique set of tax liabilities. In addition to the notorious jock tax assessed by states, players also face taxation on revenue coming from royalties, endorsements, and merchandising agreements. Signing new contracts or contract renewals can also have far-reaching implications for a professional athletes’ tax situation. Without the support of an experienced tax professional, players may find themselves losing money due to overpayment or, in serious cases of poor tax planning, owing large amounts of money to the IRS and facing penalties.
At our London tax and accounting firm, strategic tax planning and preparation for professional athletes is a year-round endeavor. Beginning with a comprehensive evaluation of your current assets and contracts, edvonomics professionals begin identifying liabilities in your existing tax strategy.
We then develop solutions for minimizing these tax obligations, often bringing in a specialized financial planner to help create a multi-faceted tax and retirement strategy. As new contracts, endorsements, and other prospects for increased income develop, our tax professionals evaluate these opportunities to determine their long-term tax implications, ensuring new revenue is appropriately incorporated into your financial future.
Proactive Retirement Planning
From signing bonuses to endorsements and merchandising opportunities, the world of professional sports provides athletes with the opportunity to amass significant wealth in a short amount of time. However, injury, contract release, and nonrenewal can force athletes into unexpected early retirement, putting an end to such significant income. Without an alternative source of income or the implementation of a retirement savings strategy, professional athletes can quickly find themselves facing unemployment and dwindling funds.
At Edvonomics Accounting, we take an aggressive approach to future retirement planning. Using our expertise in budgeting, financial forecasting, risk management, and investments, our Greenville sports accounting professionals help clients identify long-term financial goals and factor current financial obligations, such as travel expenses, personal trainers, and other costs into your financial plan. Working closely with investment planners and money managers, we develop multi-dimensional financial, investment, and tax strategies that transform current income into a stable financial future.
Schedule Your Consultation
Our Accounting firm for athletes offers more than proactive retirement and tax strategies for professional athletes. Our dedication to personalized, immediate service provides each client with the support of an experienced tax and accounting specialist.
From your first consultation through the implementation of your tailored retirement strategy and beyond, Edvonomics is committed to helping clients make the most of their financial situation to enjoy comfortable, financially secure retirements. With locations in Greenville and the metro Atlanta region, we welcome clients from all professional sports, including MLB, NFL, and NBA. Contact your nearest location today.