ATHLETE FINANCIAL WELLNESS

Financial Wellness

As elite athletes, every "life" activity becomes more challenging, especially managing finances and taxes. The following resources are here to help athletes better manage their finances, not just for tax purposes, but also in managing their monthly budget, sport expenses and even creating sponsorship request packages. The better an individual understands their money management options both short term and long term, the more likely s/he can continue to compete in sport and find future financial stability.

RESOURCES

Athlete Taxes

The following resource guides are a reference for athletes to better manage their finances, not just for tax purposes, but also in managing their monthly budget, sport expenses, and creating sponsorship packages.

Visit IRS.gov for all federal tax information.

*Disclaimer: The USOPC does not provide tax advice. Athletes should consult their tax advisers to determine if income is taxable and expenses are deductible. Each athlete's tax situation varies and not all examples will apply.

Tax Cheat Sheet for Athletes

Searching for tips on how to file your taxes as an athlete? Check out our new tax cheat sheet! Highlights include tracking sport-related expenses, athlete sources of income and what you can do that employees cant!

Access the cheat sheet for athlete taxes.

Content provided by Napkin Finance

Tax Resource Guide

The tax resource guide is a reference to understanding all things taxes for the 2018 filing season and understanding options and expenses for 2019.

  • Filing a Tax Return - Tax Day is April 15, 2019
  • Income
  • Affordable Care Act (ACA)
  • Expenses
  • Tax Reform

Download the athlete tax resource guide.

Self-Employment Expense Form

As elite Team USA athletes, you may likely qualify as self-employed. This interactive workbook is a guide to recognize and track tax deductible expenses you can claim when you file your tax returns. Complete this workbook prior to visiting with your tax adviser. The workbook is divided into the following sections:

  • Expense Summary - automatically calculated based on user input
  • Travel & Lodging
  • Training & Equipment
  • Medical
  • Other
  • Example Expenses

Download the self-employment expense form. For questions navigating the expense form, contact Terris.Tiller@usopc.org.

Complimentary Tax Preparation at the Colorado Springs Olympic & Paralympic Training Center

ACE is hosting complimentary tax preparation sessions at the CSOPTC for resident athletes, campers and athletes local to the Colorado Springs area. Athletes can reserve and participate in a 90-minute session with a tax adviser to file their taxes and receive guidance for future tax cycles. Sessions are held Wednesdays from 5:00-9:30 p.m. February 27-April 10, 2019. To schedule your appointment, email Terris.Tiller@usopc.org.