How To Save A Ton Of Money On Taxes This Season
When you miss a business expense, you are forcing yourself to pay more in taxes.
One of the most important ways to save a ton of money on taxes is to properly track your business expenses this upcoming season.
Your accountant’s ability to prepare your returns is only as good as your records. If your records are a mess, then your return will not capture everything properly or cost you a bundle, as your accountant tries to recreate your financial records for the last year.
As former players, we realize that this is time consuming and difficult to stay on top of throughout the year. This is why we believe your financial team should be responsible for this.
We automatically track every expense for our clients, ensuring they do not miss a single deduction. A dollar saved is a dollar earned.
If your financial team does not provide this service, we have provided you with the Athlete Wealth Expense Log Report to help you stay organized.
Do I Need To Keep My Receipts?
The short answer, yes. If you are going to tell the IRS something, you need to be ready to back it up. You must be able to prove that you incurred the claimed expenses in the event that the IRS examines your return.
Tax Myth #1 – “My Credit Card Statements Are Enough”
This may be the biggest misconception about tracking business expenses. Your credit card statement only shows that you bought something; it does not show what you bought and why it is a business deduction. So, hang onto those receipts!
Here is a short list of important records to keep.
Pay your clubhouse dues with a check
Save all your receipts for the attached list of Unreimbursed Business Expenses
Save charitable contribution receipts
Maintain a mileage log to any baseball related activities during the off-season
If you are interested in learning more about utilizing our Athlete Wealth Plan Platform to automatically track every expense to ensure you do not miss a single deduction contact us to learn more.
