Part 3/11:
Experts suggest that many players lack understanding of tax obligations or freely turn their finances over to agents and financial advisors who may not always have their best interests at heart. With the complexities of the "jock tax"—where athletes must pay taxes in multiple states depending on where they perform—missteps can quickly lead to overwhelming liabilities. When combined with property ownership in various locations and the difficulty of tracking numerous financial details, it's no wonder some players fall behind on taxes, leading to detrimental liens and penalties.