Tax season is one time when it’s not so desirable to be a rich and famous athlete. 💸
The life of a professional athlete might seem glamorous to many, but tax season is actually one time when it’s not so desirable to be a rich and famous athlete.
In addition to being in a higher tax bracket, pro athletes and their accountants are very busy during tax season because of something called the “jock tax.” Professional athletes travel around the country earning money in lots of different states, and as a result, have to pay taxes for money earned competing in each of those states.
It’s a good thing these athletes make a lot of money, because they have to dole some out to good tax professionals who have to comb through the tax rules of each state their clients make money in.All athletes have what’s called a domicile, the place they claim is their primary residence, which is why athletes like to live in states with low or no income taxes.
Professional golfers in particular can often earn way more money doing well in tournaments held in other states than the ones held in their home state.This story was first published in 2019. It has since been updated.
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