CPA firm offers young athletes 5 tips to consider for managing wealth, lowering tax rates. Young professional athletes like Kevin Jones dont seem to have many worries these days. Following the NFL draft, many are off and running in the first training season of their new careers, while awaiting signing bonuses due in summer.
Richmond, VA (PRWEB) May 6, 2004 -– Young professional athletes like Kevin Jones dont seem to have many worries these days. Following the NFL draft, many are off and running in the first training season of their new careers, while awaiting signing bonuses due in summer.
At a very young age, Kevin Jones also is doing what many athletes havent even thought about. Shortly before the NFL draft, Jones met with Piascik & Associates, a team of certified public accountants and certified financial planners experienced in serving professional athletes and other high wealth individuals, to help Jones manage his new wealth and minimize tax burdens. It didnt take long for Jones to draft Piascik to his team of advisors. With Piasciks help, Jones will have a tax efficient financial plan in place by the time his signing bonus with the Detroit Lions arrives.
Pro-athletes, who are often in their early twenties, are faced with the challenges of high income and high taxes," says Steve Piascik, founder and president of Piascik & Associates, P.C., who is among only a handful of CPAs who carry the Registered Financial Advisor status with the NFL Players Association. With their new wealth often come demands from family members, friends and investors who approach them in attempts to share in this wealth. Piascik & Associates understands the pressures these young athletes are facing, and we help them find the best solutions."
Piascik & Associates has successfully managed to lower athletes tax rates from 39% (federal and state[s] tax rates combined) to nearly 29%. Piascik and his team help athletes perform monthly financial budgets, develop tax minimization strategies, and create a tailored financial plan to provide for the athletes' and their families futures.
When meeting with athletes and their families, Piascik offers these tips:
1. Choose your state of tax residency carefully. Some states offer tax advantages for residents. With multi-state tax expertise, Piascik & Associates can help athletes with establishing a tax efficient state residency.
2. Track expenses on the road. Piascik has made this easier for athletes with the creation of their own self-designed Pro Organizer" portfolio, a proven tax recordation system.
3. Conduct mid-year and year-end tax planning. Piascik encourages clients to perform calculations at least every six months, in order to minimize taxes.
4. Maintain constant communications with your CPA. Having served numerous professional athletes and high net-worth individuals, Piascik has demonstrated that a successful relationship, where the client involves a trusted CPA with every financial detail, can result in significant tax savings. Piascik even offers a toll free number to all of its professional athlete clients that rings directly to each partners desk on their account.
5. Plan for today – and for the future. Piascik encourages individuals to create a tax-efficient investment strategy with their CPA and investment advisors, to ensure that all financial and retirement planning goals are met.
Athletes will accumulate wealth in a short window of their life," notes Piascik. The average playing lifetime is just five years, so the financial decisions they make today will have the greatest impact to them and their families financial success in years to follow."
Athletes are listening to what Piascik has to say. Since the firms inception in 2001, numerous professional athletes have turned to Piascik & Associates for tax and financial planning solutions. In addition to Kevin Jones, other athlete clients come from such teams as the Detroit Lions, Miami Dolphins, New York Jets, Chicago Cubs, Boston Red Sox, Texas Rangers and the Denver Nuggets.
Headquartered in Richmond, Virginia, Piascik & Associates, P.C. provides premier personalized financial services to a broad range of clients throughout the United States. Piascik & Associates serves publicly traded companies to multi-million dollar international companies, as well as businesses ranging from automotive and retail to medical practices, as well as high wealth individuals including professional athletes. The firms in-depth knowledge and experience enable its clients to benefit from top-notch personalized service from a CPA that understands their specific business needs. For more information, please visit www.piascik.com.
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