Services for Football Players
Tax return preparation includes:
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Reconciling the W-2 with the team to make sure that the player received all of their pays, including OTA, minicamp, playoffs, super bowl, and all incentives plus the correct allocation of the rookie pool the player should have received.
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Federal and all state filings, income allocation to home state, visiting states, NFL team state, as well as certain city tax filings as required.
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Reviewing list of dates when player was on the PUP or IR list and excluding those games from the appropriate state reporting.
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Taking all allowed deductions or the football player, including training, combine expenses, agent fees, investment advisor fees, certain clothing and other misc. deductions.
Business Management/Concierge services include:
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Setting up budgets.
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Tracking expenses.
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Monthly phone call with player to review budget vs. actual to make sure that money will last for them through entire season and long after the player retired.
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Finding housing for them.
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Arranging travel itinerary.
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Review real estate and housing contracts.
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Help purchase automobiles and associated financing.
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Credit review and repair if needed.
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Home mortgage financing.
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Save face for player. Since lot of people ask the players to invest their money, we are a natural buffer for the player and play the bad guy by telling the requestor to provide us with financial projections and a full business plan.
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Getting the players back to school during off season to get the players a secondary education that will be fruitful after retirement and be able to provide a living for them.
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Getting reimbursement from NFL for tuition reimbursement.
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Maximizing each players 401(k) each year and receiving matching contribution from the NFL.
How does this benefit the football player?
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Since the average professional career of a football player is 3-5 years, the window to teach lifelong education is short. By starting early and communicating on monthly bases, the player receives the education needed for a life about living within their means and saving money for the future.
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The player will not be part of the statistic where 55% of football players and 78% of all athletes file for bankruptcy or are in financial hardship within five years after retiring.
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The player will have money left for years to come to live a comfortable life, have a good job and not have to worry about how the player will come up with next month rent, utilities, mortgage, repairs or any unexpected expenses, like the players in this report - http://www.cbssports.com/nfl/story/17292173/late-hits-why-do-so-many-former-nfl-pl.
