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Why US pro athletes may lose a fortune because of the new tax law

From marketwatch.com

Because of changes to the tax law that went into effect this year, professional athletes might need to put their CPAs on speed dial. That’s because players in sports leagues like the NBA, NFL, MLB, WNBA and NHL have traditionally been able to deduct tens or hundreds of thousands of dollars for things that they no longer can. “One of my players makes $2 million a year, and it will cost him $80,000 more now because he can’t deduct state taxes [over $10,000], agent fees, workout clothes, meals and entertainment, and his cellphone,” says Steven Goldstein, a CPA with Grassi and Co. in New York who works with over a dozen ... (full story)

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