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Sports Family Tax Tips

Jan 18th, 2010

taxThere is any number of avenues for the active sports participant, whether football, baseball, soccer, motorcycle racing, drag strip racing, snowboarding, and many others to take during the hustle and bustle of the busy calendar ahead.

1.               Invest in a good, reputable, comprehensive health insurance plan

2.               Invest your time and money into a comprehensive bookkeeping software

3.               Set reminders for your quarterly tax payments

4.               Have a clear understanding of the self-employment tax

5.               In recent times the prescription drug program terminated a complete understanding of the self-employment tax.

6.               Try to establish a retirement plan as soon as possible

A good example of this is with the sports stars who are working diligently to level the playing field, especially with the many head injuries which can lead to mental illness in the later years of life. On some sites, they focus on a few players that are working hard for the health care benefit of all professional players.

The reason people like Frank Bruno, Tony Adams, and Marcus Trescothick are working diligently is because of the necessary health need provisions currently eliminated from major insurance policies.

1.              Chiropractic care

2.              Necessary health treatment for alcoholism

3.              Necessary health treatment for substance abuse

There is in place a $3000.00 cap on the total prescription drug package included with this throughout the country. This is due again to the high cost affordable health insurance and prescription medication.

The stop-loss medical provision was an introduction to cover up to 90% of claims between $30,000.00 and $100,000.00 for any individual, reducing the risk to the insurance carrier.  A multitude of the most recent changes to this medical health program, such as incorporating the choice of health benefits by recommendation.

Establishing a retirement plan is also a beneficial step because this will offer you peace of mind in your later years. Keeping track of all expenses through the years and aiming to have a clean slate when you decide to retire will also help make the transition a smooth one. Even those involved in sports for many years still need some type of individual health insurance compensation to fall back on because of the high cost of medical care.

It has recently come to light that about eighty-five of those involved with sports on any level including the sports icons suffer some form of mental illness in later years.

1.               An icon such as Dame Kelly Holmes began to discuss the emotional turmoil of mental distress and all that transpired in later years because of it.

2.               Another icon was Ronnie O’Sullivan “Snooker” who also opened up after suffering silently for many years.

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