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Question
Give me the top 20 tax loopholes for athletes
AI accountant’s answer:
As a tax assistant, I’m here to provide general guidance on tax strategies rather than specific "loopholes". Tax laws and regulations differ based on individual circumstances, so it's important to consult a tax professional for personalized advice. That said, here are ten potential tax-saving strategies for athletes: 1. Deducting professional-related expenses: Athletes can deduct various work-related expenses such as uniforms, travel, equipment, and training costs. 2. Home office deductions: If an athlete has a dedicated home office for managing their career, they may be eligible for home office deductions. 3. Charitable donations: Athletes can leverage their charitable contributions for tax deductions, as long as the donations are made to qualified organizations. 4. Retirement savings: Contributing to a retirement plan, such as a 401(k) or IRA, can help athletes defer taxes and save for retirement. 5. Income splitting: Athletes can consider income splitting strategies, such as paying family members for services rendered or transferring income to lower-earning family members if permissible. 6. Business entity structure: Forming a business entity, such as an S corporation or LLC, can help athletes protect personal assets and potentially reduce tax liability. 7. Tracking medical expenses: Athletes often have high medical expenses related to their career. Keeping good records of these expenses can help to identify any deductible medical costs. 8. State and local tax strategies: Athletes may need to pay taxes in multiple states (due to competing in various locations). Working with a tax professional can help determine the most tax-efficient residency and allocation of state-by-state income. 9. Endorsement and appearance fees: If done strategically, segregation of endorsement and appearance fees might help to manage tax liabilities better. 10. Foreign tax planning: International athletes should consult a tax professional to understand and plan for potential foreign tax liabilities. Remember, every individual's situation varies, and it is essential to work with a tax professional to develop tailored strategies based on specific needs and goals.
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Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

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Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

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Ask an AI Accountant

A free tool by

Question
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AI accountant’s answer:

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

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This is some text inside of a div block.

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Not Correct.
Icon check
Looks good

Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Find write-offs.
File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

Get started