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Anthem Strategy and Advisory by DPW
Anthem Strategy and Advisory by DPW
Anthem Strategy and Advisory by DPW

Tax Planning

Why is Financial Literacy Important as an NIL Athlete?

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In the new era of Name, Image, and Likeness (NIL) deals, athletes are presented with numerous opportunities to monetize their personal brand. However, this also introduces the need for strong financial literacy to navigate these opportunities effectively. Key Benefits of Financial Literacy: Decreased Confusion and Frustration Reduced Surprise Tax Bills Final Thoughts Financial literacy is […]

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Tax Compliance for NIL Athletes: Navigating the Jock Tax

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NIL athletes face unique financial and tax compliance challenges, including the intricacies of the “jock tax.” This tax, which gained prominence through athletes like Michael Jordan, applies to income earned across different states and cities, reflecting the locations where the athletes play and/or practice. Understanding the Jock Tax Multi-State Income: Athletes’ earnings are taxable in

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How Can a Tax Professional Help an NIL Athlete Navigate Challenges?

Article, Featured /

Navigating tax season can be particularly stressful for NIL athletes, especially as the April 15th deadline approaches. The process involves not only the preparation and filing of tax returns but also ensuring that athletes can fulfill their tax liabilities in a manner that aligns with modern payment methods. Challenges in Tax Preparation Strategies for Ease

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NIL Athletes: Do I Need a Traditional IRA or Roth IRA Account?

Article, Featured /

NIL athletes often encounter complex financial decisions early in their careers, one of which involves opting between traditional vs. Roth IRAs for their retirement planning. The predominant question that athletes go back and forth on revolves around the appeal of immediate tax deductions offered by traditional IRAs, versus the long-term tax benefits of Roth IRAs.

NIL Athletes: Do I Need a Traditional IRA or Roth IRA Account? Read More »

What Should I Know About End-of-Life Planning?

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End-of-life planning is a complex and sensitive topic that involves various critical components and decisions. Despite its challenging nature, it’s an indispensable part of life’s planning process. Key Considerations The Role of Professionals Benefits of Professional Involvement Engaging in end-of-life planning, with the support of seasoned professionals, ensures that despite its inherent challenges, the process

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Is Estate and Trust Planning Something I Should Consider?

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Estate and trust planning is often perceived as a task reserved for the wealthy or those concerned with tax implications. However, its significance extends far beyond financial considerations, touching on the very core of family well-being and continuity. The initiation into estate planning frequently occurs during major life milestones, such as the arrival of a

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Common Misconceptions in Estate Planning

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Estate planning is often surrounded by misconceptions, particularly the belief that smaller estates equate to simpler estate taxes. This couldn’t be further from the truth. Complexity in estate planning doesn’t necessarily correlate with the size of the estate. In fact, even the smallest estates can encounter intricate tax scenarios and unforeseen complications. It’s a common

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IRS Adopts Final Rules on Consolidated Return Split-Waiver Elections

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Consolidated groups that acquire new members that were members of another consolidated group can elect to waive all or part of the pre-acquisition portion of an extended consolidated net operating loss (CNOL) carryback period under Section 172 for some loss attributable to the acquired members under final Treasury regulations (TD 9977) released on July 10.

IRS Adopts Final Rules on Consolidated Return Split-Waiver Elections Read More »

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