Posts
NIL Tax Series: What You Should Be Aware Of – State And Local Tax (Part 5 of 10)
Gotta be honest with athletes, state and local tax (SALT), is complex and can be a serious problem if you’re not paying attention.The state also wants their cut. Most states impose their own state tax. The tax rates vary with 13.3% 11% and 10.9% being the...
NIL Tax Series: What You Should Be Aware Of – To LLC Or To Not LLC, That Is The Question? (Part 4 of 10)
Having a business structure as a student athlete might not be a bad idea. They offer many advantages, and depending on the structure could be a great tax saving vehicle.The most common entity structure I see are LLCs. BUT, does that mean an LLC always make sense?...
NIL Tax Series: What You Should Be Aware Of – ESTIMATED TAX PAYMENTS (Part 3 of 10)
You’re a student athlete, making good NIL dollars and you’re only paying taxes in April. I’m afraid you’re doing it wrong. (This doesn’t just apply to student athletes. ALL ATHLETES, self employed people, I’m talking to you!)When you earn NIL income, the government...
NIL Tax Series: What You Should Be Aware Of – FREE STUFF AIN’T FREE (Part 2 of 10)
Student‑athletes think NIL is only taxable when CASH MONEY hits their account. Nope!If you receive anything of value in exchange for a service (e.g., a post, appearance, promotion, etc.) That’s taxable income.Shoes? Taxable.Gear? Taxable.Hotel stays? Taxable.A...
NIL Tax Series: What You Should Be Aware Of – Every Dollar Is Taxable! (Part 1/10)
EVERY NIL DOLLAR IS TAXABLE!! A lot of athletes are surprised when they file their taxes, or don’t file in some cases, and they get hit with a nice tax bill.All income from NIL activities is considered taxable income. That includes non-cash compensation. That car you...
THIS IS A CALL TO ALL PROFESSIONAL SERVICE PROVIDERS
Calling all professional service providers!! Student‑athletes need you, your expertise, your knowledge, your experience, and your perspective. They’re navigating contracts, taxes, brand opportunities, and financial decisions that many adults struggle with, and they...