For athletes, managing money effectively is key to maintaining a comfortable lifestyle both during and after their playing days. One way to do this is by implementing income averaging.

Income averaging allows athletes to even out their tax liability by spreading it over a period of time. This can be especially beneficial for those who have sporadic income, such as from endorsement deals or winnings.

By utilizing income averaging, athletes can take advantage of lower tax rates in years when their income is high and vice versa. This can help them save money in the long run and keep more of their hard-earned money in their pockets.

If you're an athlete who is looking to better manage your finances, be sure to talk to your accountant about implementing income averaging. It could save you a lot of money down the road!