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My son is a professional soccer player who is paid by

Customer Question
My son is a...

My son is a professional soccer player who is paid by primarily by MLS. Would like to set up business for his profession to better minimize his taxable income

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Currently paid like an employee by MLS with auto tax deductions, etc. business would utilize payments as income and deduct all appropriate expenses

Accountant's Assistant: Is there anything else important you think the Accountant should know?

So far this should be enough to get steered in the right direction

Submitted: 4 months ago.Category: Tax
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Answered in 17 minutes by:
3/21/2018
Tax Professional: Barbara, Enrolled Agent replied 4 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,391
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

If your son is an employee (receiving a W-2 for his earnings), he cannot form a business to receive those payments.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 4 months ago

I read the information you posted in your subsequent question.

Any unreimbursed employee business expenses can be deducted on Form 2106 through tax year 2017 only.

The unreimbursed employee business expense deduction has been ELIMINATED going forward starting in tax year 2018.

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Customer reply replied 4 months ago
Ex of expenses: travel to and from practice and home games; self financed physical development and training including respective in home equipment; supplementation; travel to and from assigned public appearances, union dues; agent fees; state taxes exacted for playing games in state; etc. I am sure the
deductions will exceed the standard deductions. Please advise
Tax Professional: Barbara, Enrolled Agent replied 4 months ago

I understand what you're saying.

As I mentioned, some of these items could be considered employee business expenses, but as of 1/1/18, none of those expenses are deductible under the new tax reform bill passed in December, 2017.

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