Professional athletes tax write-offs
Varies
What Can Professional athletes Write Off?
Short answer: Pro athletes are W-2, so training and agent fees aren't federally deductible, and they file returns in every state they play (jock tax).
Endorsement income through an LLC is self-employment income, and those costs are deductible on that business.
Records to keep: Keep receipts, 1099s or W-2s, a mileage log, and a note of the business purpose for each expense.
Professional athletes tax write-offs
Varies
Remote Workers / Freelancers / Consultants
Pro athletes are W-2, so training and agent fees aren't federally deductible, and they file returns in every state they play (jock tax).
Business justification
Pro athletes are W-2, so training and agent fees aren't federally deductible, and they file returns in every state they play (jock tax). Endorsement income through an LLC is self-employment income, and those costs are deductible on that business.
Category
- Write-Offs by Job