Podcast: Renting a Home vs Buying a Home

Pete Falconi of Radio 1450 WNBP in Newburyport chats with Stu about the housing market and Renting vs. Buying. People are on both sides of this issue as is the case with many issues. Mortgage Rates are so low and values are depressed making this the best time to buy ever! It is still tough for many to buy however due to limited funds, low credit scores, or not enough income. As a result the rental market is booming in many communities. Please explore the best option for you and your family!

 

With more than 23 years of experience as a credentialed tax professional, Stu Steinberg, CPA, MBA brings a broad depth of knowledge to his work. He has worked with small business entrepreneurs for many years helping them plan their businesses more effectively. He can be reached at stu@erocktax.com or (781) 247-5569 anytime.

Taxation of Professional Athletes

Win Damon of WNBP.com and Radio 1450 in Newburyport and Stu review the taxation of Professional Athletes as well as the taxation of the medals won by the amateurs at the Olympics.

Imagine the pro athlete who works in various cities and even countries during his season.  This person would need to file as a non-resident in all the states in which he worked as long as he earned more than the minimum required in each state.  He also may live in a different home state than he works.  He would have to pay capital gains and income tax to his home state on any endorsement income earned.  It gets very complicated and a qualified advisor needs to know his stuff to get these reports filed in a timely and effective manner!

An Olympic gold medalist also has to pay taxes on $25,000 of earnings.  To some this seems unfair that we should be taxing success.  But I see it as the price of fame!  The “dues” or the “tax” or the “fee” for being an American and living in this great country.  Besides, I am sure the athletes have many deductible business expenses that are needed to earn the money in the first place!  Let’s hope they have a thorough accountant to help them plan when they land back on American Soil!

Please click below to hear chat


With more than 23 years of experience as a credentialed tax professional, Stu Steinberg, CPA, MBA brings a broad depth of knowledge to his work.  He has worked with small business entrepreneurs for many years helping them plan their businesses more effectively.  He can be reached at stu@erocktax.com or (781) 247-5569 anytime.

 

Recent Posts

Recent Comments

    Archives

    Categories