Taxes 101

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Hey Coach,

You plan practices, scout opponents, and run plays to perfection - but when it comes to taxes, most coaches just “hope it works out.”

Here’s the truth:
👉 You don’t have to love taxes.
👉 But you do need to understand the basics - because taxes touch every paycheck you earn.

If you know how the system works, you can avoid surprises, keep more of your money, and play the long game smarter.

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The Basics: How Your Paycheck Really Works

When you look at your paycheck, the amount you earn and the amount you take home aren’t the same.
Here’s where your money goes:

• Federal income tax: Based on your income and filing status (single, married, etc.)

• State and local taxes: Depends on where you live (Ohio coaches - you know this one!)

• FICA taxes: Social Security (6.2%) + Medicare (1.45%) = 7.65%

• Retirement contributions: 403(b), 457, STRS, or similar plans

• Insurance premiums: Health, dental, vision, etc.

🏀 Coaching Tip: Think of your paycheck like a team lineup - each player (deduction) has a role. Know what they’re doing for you.

Withholding: Your Automatic Tax Play

Every paycheck, your employer withholds part of your pay for taxes based on the W-4 form you filled out.
That form tells the IRS how much to take out.

✅ Too little withheld: You’ll owe taxes in April.
✅ Too much withheld: You’ll get a refund - but that means you gave the government an interest-free loan.

🏀 Smart Play: Adjust your W-4 to hit the sweet spot - small refund or small bill at tax time.
You can update it anytime through your HR department.

Tax Brackets: The Progressive System Explained

Here’s where most people get confused.
You don’t pay one rate on your entire income - you pay different rates on different portions of it.

Think of tax brackets like quarters in a basketball game - each one builds on the last.

Example (simplified):

• 10% on the first $11,600

• 12% on the next $35,000

• 22% on the next $53,000
  …and so on.

So if you earn $80,000, you’re not “in the 22% bracket” for all your income - only part of it.

🏀 Coaching Tip: The higher your “score,” the higher the bracket - but only for the extra points, not the whole game.

How Coaches Can Manage Taxes Smarter

• Check Your Withholding Once a Year

Use the IRS Tax Withholding Estimator online to avoid big surprises in April.

• Max Out Pre-Tax Accounts

Contributions to your 403(b), 457, or HSA reduce your taxable income.
Less taxable income = lower tax bill.

• Track Camp, Clinic, or Side Income

If you run camps, private sessions, or side businesses, the IRS sees that as self-employment income.
Set aside 20–25% for taxes so you’re not caught off guard.

• Know What’s Deductible

Business mileage, uniforms, coaching resources, and certain equipment may qualify as deductions - keep records.

Coaching Analogy

Your tax plan is like your defensive rotation - it only works when everyone knows their assignment.

When you understand what’s being withheld, where it’s going, and how to use deductions strategically, you stop playing on defense and start running the offense.

📝 Coach’s Challenge This Week

Look at your most recent paycheck.
✅ Identify how much is withheld for federal, state, and local taxes.
✅ Check your retirement and insurance deductions.
✅ Ask HR how to adjust your W- 4 if needed.

Knowledge = control.
Once you understand your paycheck, you start coaching your money - not the other way around.

👉 Forward this to a coach who’s always surprised by their tax bill.
A good game plan works on and off the court.

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Coach Mike Klinzing
Founder, Wealth4Coaches
"Coach smarter. Save better. Live freer."