Professional athletes face a unique set of tax challenges that can leave you paying more than necessary; sometimes in the form of taxes that could have been avoided, and other times in significant penalties for taxes that were not planned for.
Sirchia CPAs & Financial Advisors has guided professional golfers, football players and other athletes for years, and is well-versed in the issues you will face. Our Syracuse NY tax planning & private wealth management firm helps professional athletes achieve financial success for life. We can help to convert your pro sports career earnings into a comprehensive financial and investment plan, specifically tailored to reflect your personal values and goals to a secure financial future.
Our financial consultant services for professional athletes include:
Tax Planning & Preparation
Retirement & Estate Planning
Cash Flow Management
Strategic Tax Planning Services for Professional Athletes
Tax planning for professional athletes has to be a year-round endeavor due to the onerous regulations of individual states, combined with the tax liability on revenues coming from things like sponsorships, royalties, endorsements, and merchandising agreements. You may not realize that the simple act of renewing or signing a new contract can have far-reaching tax and accounting implications. More than one professional athlete has found themselves oweing a great deal of money to the IRS for poor tax planning.
We help navigate these complex areas, beginning with a comprehensive evaluation of your current tax situation; existing and anticipated sponsorships, contracts and endorsements; and existing and anticipated liabilities. Then, we develop strategies for minimizing these tax obligations and help create a multi-faceted tax and retirement strategy. As new income opportunities arise, we evaluate them to determine their long-term tax implications, ensuring any potential tax liability from the new revenue is appropriately incorporated into your tax plan.
Proper implementation, ongoing communication, and continued monitoring
is key to your financial success.
We also provide advice and guidance on estate tax strategies, transaction analysis, review of tax returns, and analysis of how tax law changes can affect your investments. Our tax advisory services can include:
Business Tax Returns
Estate, Gift & Trust Tax Returns
Income Tax Planning & Compliance
Individual Tax Returns
Payroll & Payroll Tax Services
Proactive Retirement Planning for Athletes at Every Age
Young athletes may dismiss the need for a retirement plan. However, it’s important to remember that while sponsorships, signing bonuses, and endorsements provide athletes with the opportunity to amass significant wealth in a short amount of time, an injury, lack of a tour sponsor, or an unexpected non-renewal can force an athlete into early retirement, putting an end to their wealth accumulation. Without an alternative source of income or the implementation of a retirement strategy, professional athletes can quickly find themselves facing unemployment and in some cases, even bankruptcy.
It is a sad truth that many professional athletes will eventually find themselves unable to sustain their lifestyle due to poor budgeting, bad advice and reckless spending. According to reporting from CNBC, 60% of NBA players, an estimated 78% of NFL players and a large percentage of MLB players file for bankruptcy within or are under financial stress the first five years of retirement.
Sirchia CPAs & Financial Advisors provides a transparent and prudent approach to managing your wealth to build the right portfolio for your investment needs. To accomplish this, we carefully analyze the events that shape your life and make decisions based on your unique goals. Once we have developed our strategy we work hand in hand with our trusted partner: RNC Genter Capital Management – a Registered Investment Advisor (RIA) who provides the day to day technical management of our clients investments. Their capital management services provide disciplined retirement portfolio management with an emphasis on tax-advantaged growth and income; along with capital preservation and downside protection. Our wealth management advisors can help with:
Asset Class Investing
Keep Costs Low
Our process starts with setting up initial conversations to learn more about you and your investing goals and objectives, such as:
Do you want to build a retirement legacy for your family upon your passing?
Will you want to plan a college fund for your grandchildren?
Do you want a stream of passive income?
We will ask several questions, and will work with you to develop a structured plan to invest your excess funds as well as define the risk/reward scenarios for different allocation strategies. Sirchia CPAs & Financial Advisors forge deep, personal relationships and we have a strong sense of accountability to our clients and as well as being responsive to any concerns or questions you may have. Educating client athletes and their families is one of the most rewarding areas for us.
Invest management is a crucial component
of your wealth strategy.
Managing your financial life goes well beyond simply managing your investment portfolio. Taking an aggressive approach to future planning, not only for retirement but for the sudden loss of income for any reason, is how we protect our clients.
With an expertise in budgeting, business consulting, strategic tax planning, financial forecasting, risk management, and investment planning, we help professional athletes meet their long-term financial goals. It’s important to factor in all current and anticipated financial obligations, such as debt payments, travel expenses, personal trainers, outside coaches, and other costs you may incur.
Working closely with your entire inner circle of advisors, we develop multi-dimensional financial, investment, and tax strategies that transform current income into a stable financial future, providing you with peace of mind and allowing you to focus on competing.
Our clients appreciate that we make it possible for them to focus on what they want to do, not need to do. Let us worry about your financial needs and obligations.
Budgeting and Cash Flow Management for Pro Athletes
There is an old investing adage that states, "It is not about what you make, it is about what you keep." That is why creating and actively monitoring an effective budget is the cornerstone to a strong foundation for managing your finances and protecting your wealth. We can help set up systems and processes, which can empower you to steward and proactively manage your cash flow. Our philosophy is in establishing a flexible framework that will make sure that your money is helping to accomplish your goals, rather than impeding them.
Some of our solutions include:
Bill Pay Services
Budgeting & Cash Flow Analysis
Cash Flow Projections
Monthly Income & Expense Summaries
We are able to assist athletes in every sport with the unique challenges they face.
Whether you are part of the PGA, NFL, a motorsports team, or any other sport, we can help.
Contact us today to learn
how we can help you finish strong.