As elite athletes, every "life" activity becomes more challenging, especially managing finances and taxes. The following resources are here to help athletes better manage their finances, not just for tax purposes, but also in managing their monthly budget, sport expenses and even creating sponsorship request packages. The better an individual understands their money management options both short term and long term, the more likely they can continue to compete in sport and find future financial stability.
Taxes for athletes, what you need to know:
The following resource guides are a reference for athletes to better manage their finances, not just for tax purposes, but also in managing their monthly budget, sport expenses and creating sponsorship packages.
The USOPC does not provide tax advice. Athletes should consult their tax advisers to determine if income is taxable and expenses are deductible. Each athlete's tax situation varies and not all examples will apply.
The Basics of Athlete Taxes
Athlete Tax Resources
Self Employment Expense FormDownload the Form, opens in a new tab
As elite Team USA athletes, you likely qualify as self-employed. This interactive workbook is a guide to recognize and track tax deductible expenses you may be able to claim when you file your tax returns. Complete this workbook prior to visiting with your tax adviser. The workbook is divided into the following sections:
- Expense Summary - automatically calculated based on user input
- Travel & Lodging
- Training & Equipment
- Example Expenses
For questions navigating the expense form, contact firstname.lastname@example.org.
Complimentary Virtual & In-Person Tax Preparation ServicesRegister Now!, opens in a new tab
The USOPC Athlete Development & Engagement Department is hosting complimentary in-person (Colorado Springs) and virtual tax preparation sessions with IRS-certified volunteers (VITA). Athletes can request an appointment with a tax adviser to file their taxes and receive guidance for future tax cycles. For athletes living in or near Colorado Springs, in-person tax preparation sessions are available at the Colorado Springs Olympic & Paralympic Training Center during tax season (dates tbd for 2024).
To be eligible for these services, athlete income must be $64,000 or less. Additionally, the advisors will not be able to provide services if athletes have invested in Cryptocurrency.