Tax Day 2024 and How to Get an Extension from the IRS
Tax Day is on Monday, Apr 15, 2024. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!
When a free-agent professional athlete chooses to switch teams and relocate to a different state and city, the state, and potentially local, taxes may have a huge impact on where they choose to go.
When a free-agent professional athlete chooses to switch teams and relocate to a different state and city, the state, and potentially local, taxes may have a huge impact on where they choose to go. For example, it was rumored that when LeBron James left the Cleveland Cavaliers in 2010 to join The Miami Heat, he chose to go to The Heat over The New York Knicks because top earning New Yorkers were dealing with the highest state and city income taxes in the nation.
Now that LeBron has made the decision to go back to Cleveland, what will the tax implications be? First, let’s go over the basics:
So, how much will LeBron be paying in taxes? Kiplinger estimates that he’ll pay about $1.19 million in state taxes, just on his basketball salary. This does not include the millions of dollars he makes annually through endorsements, or the local taxes paid to Independence and Cleveland, estimated to be about $200,000, split between James and Love.
While James most likely considered the tax implications of moving back to The Cavaliers, it obviously was not a big enough factor to change his decision to go home.
For more information about Ohio Taxes, take a look at this article.
Tax Day is on Monday, Apr 15, 2024. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!
IRS has updated tax brackets for 2024. See how this affects your first paycheck this year!
Check out the updated 2024 Federal benefit limits for 401(k), HSA, and simple IRA, and more. Stay informed and plan your finances with confidence!