Med-Wealth Financial Services - IPC Securities Corporation’s Post

For so many athletes, the focus is on maximizing their contracts, endorsements, and performance bonuses—like that $765 million over 15 years. But what about the money you get to keep after taxes? That’s where real wealth-building begins. Smart tax planning isn’t just for the off-season—it’s an all-year game. #AthleteWealth #SmartMoneyMoves #TaxPlanningTips #FinancialFreedom #LegacyPlanning #WealthStrategies #ProactivePlanning

Ever wondered how the world of professional sports navigates the complex web of taxes? 🤔 Dive into our latest Prescribing Prosperity episode where Kim Moody blows our minds with Shohei Ohtani's tax deferral deal and why it could never work in Canada. 💡 Get a glimpse of how tax strategy impacts athletes on both sides of the border, and why California isn't thrilled! 🎧 Tune in for fascinating insights. https://bit.ly/3CB3ntk #TaxStrategy #AthleteFinance #ShoheiOhtani #PrescribingProsperity

🏆🌏🇺🇸 NBA Final and International Tax Today is game 1 of the NBA Finals between the Boston Celtics and the Dallas Mavericks (finally - the last conference finals game was a week ago). 🌏 Both teams have plenty of international players. 🔵 Dallas has the most internationally born players in the league, with 8 out of its 18 man roster. They are 🇸🇮Doncic, 🇦🇺 Irving, Exum and Green, 🇩🇪 Kleber, and 🇨🇦 Lawson, Powell and Prosper. 🟢 Boston has 5 itself: 🇩🇴 Horford, 🇱🇻 Porzingis, 🇵🇹 Queta, 🇺🇦 Mykhailiuk and 🇨🇦 Brisset. 📜 The US has tax treaties with most of the above countries - even Slovenia, Ukraine and Latvia - but not the Dominican Republic (Horford). But the Dominican Republic has a territorial tax system anyway, which presumably wouldn’t tax income earned in the NBA in the US (or Canada). 💰 Horford is in his 17th year in the NBA and has earned US$275m, so the fact he hasn’t been double taxed over that time is pretty important! Final research point that I learned while preparing this - you get fined $2,000 per technical foul on the NBA, and amazingly, it is something inflation hasn’t touched. The fine hasn’t increased at all between Horford’s first tech (24/4/13) and his most recent one (29/4/24) despite them being over 10 years apart! #taxlaw #internationaltax #taxtreaties #nba #dominicanrepublic

Professional athletes and sports personalities are subject to specific tax regulations primarily revolving around various income streams, including salaries, endorsements, appearance fees, bonuses, and prize money. WTT’s Thomas Wallace TEP ATT, Director of Tax Investigations, recently spoke to The Express, offering key insights into the taxation of sports professionals. The article discusses sports star Luke Littler's sporting success which has not only garnered him a substantial sum in prize money, but also imposed significant tax responsibilities. Check out the full article here 👉 https://lnkd.in/eEsvQtKZ It is important that sports professionals seek advice from experienced tax experts to optimise their tax position and ensure compliance with HMRC. Proper tax planning can help minimise tax liabilities and avoid potential penalties for non-compliance. Got some questions? 💬 Get in touch with our experts today at info@wttconsulting.co.uk or for more information, visit our tax advisory page on our website here ➡️ https://lnkd.in/eZDQfnds

The rise of Name, Image, and Likeness (NIL) compensation for amateur athletes has brought new tax complexities. Unlike professional athletes, amateurs earning NIL income often receive pre-tax payments, making them responsible for self-employment taxes, including Social Security and Medicare. These athletes may also need to make quarterly estimated tax payments to avoid penalties. With proper planning and guidance from tax professionals, like our team at Bennett Thrasher, athletes can navigate these challenges and ensure compliance while optimizing their financial outcomes. #CollegeSports #NameImageLikeness #NIL #BennettThrasher

🏀 Did you know that professional sportspeople can pay tax on a 5 year average of their income? ⚽ If you're a #sportingprofessional or help manage the professional careers of athletes and sportspeople, you'll understand that there are nuances and special tax matters to consider when it comes time to lodge your tax return. 🏉 Our latest #blog details the ins and outs of what #professionalathletes need to consider when declaring their income, claiming deductions, and applying special rules to average their income, so you can avoid being tackled by the ATO. 🏏 If you want to hit the winning score when it comes to tax time, or know sportspeople who could do with some professional advice, don't hesitate to reach out! https://lnkd.in/gfcUQRqr

⚡ An in-depth look at athletes’ undeclared income. Discover the hidden financial flows, tax liabilities and legal ramifications in the world of sports.

One of the less glamorous aspects of an #NHL player’s life is navigating complex tax laws. In addition to being taxed on their employment earnings, they also face additional layers of tax and complexities due to their travel schedules, residency issues, and endorsement income. Click the link to explore how players are taxed, some misconceptions fans might have, and why tax calculations in hockey are far from straightforward. #NHLmoney #GoalsMatter https://lnkd.in/gy8F-mg5

Despite their popularity, sports stadium subsidies fail to generate new tax revenue and new jobs or attract new businesses. Unfortunately, it is consumers who are left with the tax burden. More here: https://hubs.ly/Q02T3Hxl0 #economy #taxes