I’m wondering how many people saw — “Who Wants To Be A Millionaire” recently on TV? No — I’m not talking about the game show — I’m talking about the NFL draft.
While those top draft picks had their family, friends, and agents with them — I hope they had a good tax accountant because they just went from being college students – athletes that have no income, or at least none that the IRS knows about (can anyone say… college football booster cash payments!)
Anyway, in one night they went from no income and not having to file an income tax return, to being millionaires and being in the top tax bracket of 35%.
Now, a good tax accountant will put together strategies to lower their taxes.
For example, since the top tax rate may be almost 40% in 2013 instead of the 35% rate it is now, these new football millionaires may want to structure their contract to get more of their 2013 salary up front in a bigger signing bonus paid this year, in 2012, in order to pay less tax!
So hey there Mr. Luck, RG 3, or even Detroit Lion first round pick Riley Reef – call me, Lyn Ford – and we can talk football and money saving tax strategy. Because the worse kind of tax trouble (for anyone) is PAYING TOO MUCH TAX TO THE IRS.
The important thing for you, the reader of this blog, to remember is that you don’t have to be a millionaire athlete in order to benefit from income tax saving strategies. What you have in common with millionaires is that no matter how much money you earn, there may be ways to SHIFT your income and your tax deductions from one LESS favorable tax rate period to another MORE favorable tax rate period.
IRS tax saving strategies.
Maybe a good tax accountant should be everyone’s number one draft pick -/ns






Lyn Ford Speaking at National Veterans Small Business Conference
Tax Trouble Help Show host Lyn Ford will be presenting business tax information at The National Veterans Small Business Conference, which is sponsored by the Department of Veterans Affairs. The conference will be in Detroit, MI for the first time this June 26 through 29.
This is a national event, that has been held in other cities in past years and the conference is expected to attract nearly 6,000 people to COBO Hall.
Small business owners should register for the conference to receive valuable business information and networking opportunities that can help your business grow! Registration is an affordable $375 for small businesses. Go to www.nationalveteransconference.com to learn more about the conference and to register. Or you can call 202-505-4VET (838) Monday – Friday