DESERTPAT said:
Don't forget the taxman!!
As a "taxman" myself, this actually presents a good planning opportunity for Deion.
Here is a guy who, in any normal year, would be a top-bracket taxpayer. As a result, all of the things available to us average Joes are not available to him--but they would be this year.
A few examples:
1. He could contribute $4000 to a Roth IRA.
2. He could do a Roth conversion on any Traditional IRA money he had tied up.
3. Assuming he makes his full $15,000 salary deferral to his 401(k) plan, he could deduct any student loan interest he might have.
4. He could take a class and deduct up to $4000 for it.
5. If he owns any rental properties, he could take a loss of up to $25,000.
6. He could make a Coverdell ESA contribution for one of his kids he probably has floating around out there.
7. He could tally up all of his bellyaching costs as "job-hunting" expenses and take a miscellaneous itemized deduction for the unreimbursed employee business expense. While he has to subtract out 2% of AGI, this year that will be <$1000.
The possibilities are endless--these are just a few that I thought of.
To see more of what the little turd could rack up, visit my website,
www.taxplaya.com
Pardon the plug, but it's for the good cause of bashing Deion "You'll Never Be Reggie Wayne" Branch