Adrian Clark is launching a book, Protect Yourself at All Times. Clark, who created AC Sports Management, helps young and talented boxers go in the right direction in their career in and out of the ring. Clark was recognized by Forbes “30 under 30″ which looks at some of the brightest minds in sports under the age of 30.
Leading up to the release of his book we’ll be exclusively sharing the 12 rounds (12 Chapters) on #TeamEverlast along with video blogs made by Clark.
Round 8: Taxes
There are 2 things for sure in life; death and taxes.
Probably the biggest problem fighters run into outside the ring is being caught up on their taxes. It is nothing to be ashamed about. Taxes can be confusing, especially when you are not throughly knowledgeable of how they need to be taken care of.
As a fighter, all you know is: “I need to pay my taxes”. You guys have to have a good CPA, or tax lawyer to assist you with filing your taxes.
ASK QUESTIONS, even if you think they questions are stupid! Also, don’t file your taxes on your own. Have someone that is an expert in handling taxes and allow them to guide you.
Be sure you ask for proof that the taxes were filed and have your tax representative explain to you what exactly you were taxed for, from what states or countries. You may not understand everything explained to you but hearing the breakdown of what was done will help you sleep at night.
Make sure you understand what “tax write-off’s” are and most importantly, what and who are your tax write-off’s as a professional boxer.
There is no such thing as a dumb question when looking to understand something that you know nothing about.
Don’t let Uncle Sam KO you.