CPA, EA, or Tax Attorney – Who Should You Work With for NIL?

As a student-athlete navigating the complexities of Name, Image, and Likeness (NIL) income, choosing the right tax professional can significantly impact your financial success. The three primary tax professionals available—Certified Public Accountants (CPAs), Enrolled Agents (EAs), and Tax Attorneys—each offer unique strengths. Here’s a breakdown to help you decide which professional best fits your NIL […]

The First Tax Season After Your NIL Deal – What to Expect

Navigating your first tax season after signing Name, Image, and Likeness (NIL) deals can be overwhelming. With new income streams and tax obligations, knowing what to expect helps you avoid surprises and ensures a smoother process. Here’s a breakdown of what student-athletes should anticipate during their initial tax season after securing NIL income. Receiving Form […]

Questions to Ask Before Hiring a Tax Professional

As a student-athlete earning income through Name, Image, and Likeness (NIL) deals, choosing the right tax professional is vital for your financial success. Asking targeted questions helps ensure your tax expert is qualified, experienced, and aligned with your specific needs. Here are essential questions to ask before hiring a tax professional. Experience and Specialization Qualifications […]

Understanding 1099s: How NIL Income Is Reported

For student-athletes earning income through Name, Image, and Likeness (NIL) deals, understanding IRS Form 1099 is essential. Here’s a clear guide on how NIL income is reported using 1099 forms and what athletes need to know to ensure accuracy and compliance. What is Form 1099? Form 1099 is an IRS tax form used to report […]

What Your CPA Needs to Know About Your NIL Deals

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 […]

How to Track NIL Expenses So Your Tax Pro Can Maximize Deductions

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 […]