With the recent NCAA rules allowing Name, Image, and Likeness (NIL) earnings, student-athletes face new and exciting financial opportunities. However, managing these earnings involves substantial tax responsibilities. Here’s exactly what your Certified Public Accountant (CPA) needs to know about your NIL deals to help manage your taxes effectively. Sources of Income Clearly outline all sources […]
For student-athletes earning income through Name, Image, and Likeness (NIL) deals, effectively tracking expenses is crucial. Keeping detailed records helps your tax professional maximize your deductions, reducing your taxable income and saving you money. Here’s a guide to effectively track your NIL expenses. Understanding Deductible Expenses Before tracking expenses, understand what qualifies as deductible: Create […]
As a student-athlete earning NIL income, it can be tempting to think only about the present—new gear, travel, or everyday expenses. But one of the smartest moves you can make with your money is to put some of it to work for your future. The key? Compound interest. Compound interest is like the ultimate teammate […]
As a student-athlete, earning money through Name, Image, and Likeness (NIL) deals is an incredible opportunity. But once that money hits your account, you face an important decision: how should you invest it? Should you focus on short-term goals, like saving for a car or extra expenses during school? Or should you think bigger and […]
Since the NCAA introduced Name, Image, and Likeness (NIL) policies, student-athletes across the country have enjoyed unprecedented opportunities to monetize their personal brands. Endorsements, sponsorships, social media partnerships, and merchandise sales are now lucrative avenues. However, with these opportunities come substantial tax responsibilities. Here’s why every student-athlete earning NIL income should partner with a tax […]
For many student-athletes, NIL (Name, Image, and Likeness) earnings represent the first time they’ve had real money to manage. Whether it’s a few hundred dollars from local sponsorships or thousands from national deals, the choices you make now can shape your financial future. Building wealth isn’t about luck—it’s about smart decisions, discipline, and consistency. Here’s […]