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Professional athletes can save significantly on taxes by working with a specialized CPA to address year-round planning strategies, including tracking business expenses, optimizing deductions, contributing to retirement plans, managing multi-state taxes, and minimizing AMT exposure.

Tyler Beede shares draft journey, college baseball insights, and MLB success strategies.

Major League players often overpay taxes by neglecting available strategies like tracking expenses, utilizing endorsement income for tax-advantaged plans, and preparing a duty-days schedule, making proactive year-round tax planning essential.

Athletes often lose wealth by hiring unqualified advisors based on personal connections and trusting them excessively, but asking the right questions can help avoid these mistakes.

Professional athletes face risks from unqualified advisors, making it essential to hire fiduciary-certified experts like CFP®, CPA®, or CFA® professionals who prioritize their clients' best interests and possess advanced financial expertise.

Choosing the right agent: essential questions, industry insights, and decision-making framework.

Professional athletes face unique financial complexities, including high earnings concentrated early in life, multi-state taxation, asset protection, and estate planning, which require specialized advisors and strategies beyond the average individual's financial resources and needs.

Professional athletes must avoid common pitfalls by selecting a specialized financial team with proven expertise in their unique needs, rather than relying on generic advisors or assumptions about age, firm size, or personal connections.

MLB players should limit 401(k) pre-tax contributions to $13,000 in 2016 to avoid exceeding IRS limits, prevent tax complications, and ensure compliance with employer contributions, as excess contributions will be refunded and may incur additional costs and reporting issues.

Players should regularly update their W-4 to ensure optimal tax withholding, preventing excessive amounts being withheld or unexpected tax bills, thereby maximizing their monthly income.

Professional athletes should carefully consider the tax implications of their signing bonus payout structure, as uneven payments can maximize net income and reduce tax liability.