Robert McConchie CPA

CPA/PFS for professional athletes & Partner @AthleteWealth. Helping clients make good decisions to have positive impact on families, communities and the world.

[Robert McConchie CPA @ProAthleteTax]

My family has been impacted by this terrible disease so I’m in this fight to End Alzheimer’s with @bradenbishop7. During spring training I will be donating $10 to Alzheimer’s for every hit Braden gets #Hits2EndALZ @4MOM_ALZ @awmcapital @AthleteWealth

[Robert McConchie CPA @ProAthleteTax]

https://t.co/UsozFgV8WX

[Robert McConchie CPA @ProAthleteTax]

Travel expenses (meals, local travel, etc) may be deductible above per diem. Discuss with CPA and document @AWMGroup

[Robert McConchie CPA @ProAthleteTax]

How are you tracking business expenses? Good recordkeeping is critical to minimizing taxes. Develop a plan @AWMGroup

[Robert McConchie CPA @ProAthleteTax]

When was the last time you updated your 2017 tax projection? Update W-4 and adjust withholding before the end of the season @AWMGroup

[Robert McConchie CPA @ProAthleteTax]

Summer road games in NY and CA increase state tax significantly. Expect net MLB paycheck decrease during those periods @AWMGroup

[Robert McConchie CPA @ProAthleteTax]

Currently 7 MLB cities that impose income tax on home and visiting athletes. Rates range from 1-3% @AWMGroup

[Robert McConchie CPA @ProAthleteTax]

MLB regular and "special" union dues are deductible on tax return. AMT may impact benefit. Consult CPA when dues are refunded @AWMGroup

[Robert McConchie CPA @ProAthleteTax]

Team assignment out of draft can have significant impact on overall tax. Consider resident / team state in projection #MLBdrafttax @AWMGroup

[Robert McConchie CPA @ProAthleteTax]

Tax planning on signing bonus should be prepared by CPA prior to signing to minimize tax. Opportunities lost if wait #MLBdrafttax @AWMGroup

[Robert McConchie CPA @ProAthleteTax]

Q2 estimates are due 6/15. Make sure to update 2017 tax projection and consider state tax impact and payment requirements @AWMGroup

[Robert McConchie CPA @ProAthleteTax]

Timing of when you get paid on signing bonus can impact total tax liability #MLBdrafttax @AWMGroup

[Robert McConchie CPA @ProAthleteTax]

Agent fees are deductible for tax purposes. Analyze timing to maximize benefit #MLBdrafttax @AWMGroup

[Robert McConchie CPA @ProAthleteTax]

State tax can have major impact on total tax liab of draft bonuses. Consider resident and team state in projections #MLBdrafttax @AWMGroup

[Robert McConchie CPA @ProAthleteTax]

Signing bonus considered compensation and allocated as part of wages if refundable as stated in current CBA contracts #MLBdrafttax @AWMGroup

[Robert McConchie CPA @ProAthleteTax]

Not all teams withhold resident state tax. Analyze paycheck to avoid penalties and decrease federal tax liability @AWMGroup

[Robert McConchie CPA @ProAthleteTax]

Why is your net paycheck different than your teammate making the same amount? Tax withholding, retirement, misc deductions @AWMGroup

[Robert McConchie CPA @ProAthleteTax]

Analyzed federal and state tax withholding requirements? Satisfy withholding requirements and increase your net paycheck @AWMGroup

[Robert McConchie CPA @ProAthleteTax]

Happy Easter! For God so loved the world that He gave His only son, that whoever believes in Him, shall not perish, but have eternal life

[Robert McConchie CPA @ProAthleteTax]

Estimated tax payments may be required for income not subject to or being withheld. Update tax projection to avoid penalties @AWMGroup