Step-by-Step Tools to Stay Organized, Save Money, and Avoid Penalties

Earning NIL income as a student-athlete means stepping into a new financial role—and with that comes new responsibilities. Staying organized and proactive can help you avoid costly mistakes, save money on taxes, and maintain your eligibility.

These tax checklists are designed to guide you through every stage of the year, from monthly tracking to quarterly payments and year-end preparation. Use them to stay compliant, stay focused, and stay ahead.

Monthly NIL Tax Checklist

Use this checklist every month to stay organized.

  • Track all NIL income received this month
  • Upload or save receipts for NIL-related expenses
  • Log all mileage driven for NIL travel or events
  • Set aside 25%–35% of each NIL payment for taxes
  • Review upcoming NIL deliverables or contract commitments
  • Back up any important emails or documentation
  • Update your accounting system or spreadsheet
  • Check whether a quarterly tax deadline is approaching

Quarterly Tax Filing Checklist

Use this in preparation for April, June, September, and January deadlines.

  • Total your NIL income for the quarter
  • Estimate your tax liability (federal and state)
  • Review deductible expenses to lower your estimated payment
  • Confirm your IRS payment method (Direct Pay, online account, etc.)
  • Submit your estimated payment by the deadline
  • Save confirmation or proof of payment for your records

End-of-Year Tax Prep Checklist

When preparing for annual tax filing, this checklist helps you get ready.

  • Collect all 1099 forms (usually 1099-NEC) from sponsors or partners
  • Review and organize receipts and expense records
  • Summarize total income and deductible expenses for the year
  • Review your NIL bank account or statements for any missed items
  • Determine if you need to file in multiple states
  • Schedule a meeting with a tax professional
  • File your federal and state tax returns by the due date
  • Save a digital and paper copy of your return and supporting documents

Banking and Business Setup Checklist

If you’re treating NIL like a business, these steps can help build structure.

  • Open a dedicated bank account for NIL income and expenses
  • Apply for an Employer Identification Number (EIN)
  • Explore whether forming an LLC or S-Corp makes sense
  • Register your business with your state, if applicable
  • Set up folders or cloud storage to save contracts, invoices, and logs

Parent Support Checklist

For parents helping manage their child’s NIL finances, use this as a guide.

  • Confirm whether your student-athlete can still be claimed as a dependent
  • Discuss NIL tax planning with a CPA or financial advisor
  • Help your child track income, expenses, and payments
  • Assist with calendar reminders for quarterly tax payments
  • Coordinate on FAFSA and financial aid adjustments
  • Help review NIL contracts and understand legal terms

Meeting With a Tax Pro Checklist

Bring these items when sitting down with a tax advisor or preparer.

  • 1099 forms and any other proof of income
  • Organized list or spreadsheet of NIL income and expenses
  • Copies of relevant bank statements for NIL transactions
  • Last year’s tax return (if applicable)
  • A list of all states where income was earned
  • Any specific tax or business questions you want answered

Final Thoughts

NIL income can be a launchpad for financial growth, but it requires discipline, tracking, and planning. These checklists will help you:

  • Stay organized throughout the year
  • Avoid tax penalties and interest
  • Maximize your legal deductions
  • Build smart habits that extend beyond college

Use them monthly, quarterly, and annually. Share them with your parents or team. And when in doubt, connect with a trusted tax professional who knows the NIL landscape.