RICHMOND, Va., Nov. 2 /PRNewswire/ -- In today's economy, even NFL players making millions are taking a closer look at their finances. With high earnings, signing bonuses and endorsements, dozens of athletes have turned to Piascik & Associates, a CPA firm experienced in helping athletes minimize the sting of taxes.

"Pro-athletes, who are young and coming into a lot of money virtually overnight, suddenly are hit with high taxes," says Steve Piascik, CPA, MT, Founder and President of Piascik & Associates, who for over 16 years has worked closely with professional athletes on tax planning. "Athletes can fumble on and off the field -- and it can cost their team and themselves dearly."

Piascik is one of the very few CPAs who carry the Registered Player Financial Advisor status with the NFL Players Association. According to the NFLPA, the average playing tenure for an NFL athlete is just over three years. Within just a few years after retirement, many athletes have spent nearly all of their earnings and end up having very little during retirement.

"Young athletes often aren't prepared for managing and budgeting their high salaries. They're thrown into this," says Steve Gregory, now in his fourth NFL season playing for the San Diego Chargers. "It's important to have financial advisors you can trust. Diane Miller at Merrill Lynch/Bank of America has helped me understand the importance of budgeting. Steve Piascik set me up with a system to track all expenses which has really helped with tax deductions. Both are mentoring young athletes and I know what they're doing for me will pay off in the long run."

Piascik's goal is to educate athletes on the importance of keeping within a budget -- and to trust in them for financial and tax advice. Piascik recommends these five tips:

Review the state of residency. By setting up a residency in a tax-advantaged state (such as Florida or Texas), athletes could save up to five percent or more in taxes.

Document everything! Save on taxes by tracking all charitable giving as well as on-the-road expenses: meals, hotels, laundry, wireless minutes, etc. Piascik offers the Pro-Organizer (www.proathlete-cpa.com).

Beware of mortgage interest limitations. Exceeding $1,100,000 of both home mortgages and equity lines will result in a loss of tax-deductible interest paid. Work with a tax advisor to structure loans to maximize tax deductions.

Review allocation of state reported income. Have an experienced tax advisor review W-2s to ensure there are no exposed penalties and mistakes.

Contribute to an IRA, Roth IRA or retirement plan.

Since the firm's inception in 2001, Piascik & Associates has successfully managed to lower some of the highest paid athletes' tax rates by 5% or more. The firm represents clients in the NFL, NBA, PGA, and MLB.

Piascik & Associates provides tax and financial services to a broad range of clients throughout the U.S. and abroad, including public and privately held companies and high net worth individuals. For information, visit www.piascik.com.

SOURCE Piascik & Associates

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