Navigating the NIL Money Game: Financial Guidance for NCAA Athletes

Mastering the NIL Financial Playbook: Tax Hacks for Winning Athletes

Austin, United States - September 1, 2023 / Insogna CPA /

The landscape of college sports has transformed with the introduction of Name, Image, and Likeness (NIL) rights for NCAA athletes. As athletes explore new financial horizons, Insogna CPA of Austin, Texas, is shedding light on the intricate world of taxes, wealth accumulation, and business structuring in the context of NIL earnings for NCAA athletes.

NIL earnings mark a significant financial milestone for NCAA athletes, but they also introduce complex tax implications, including federal income tax and FICA payroll taxes. To empower athletes with financial savvy, Insogna CPA emphasizes the importance of professional guidance, showcasing options like setting up Limited Liability Companies (LLCs) or S-Corporations that can offer legal and tax benefits to student athletes.

"Proper business structuring can make a world of difference for NCAA athletes entering the NIL arena," states Chase Insogna, Founder of Insogna CPA. "The role of a licensed CPA is to navigate the nuanced tax terrain and help athletes maximize their savings while staying compliant."

Managing expenses is another area in which athletes can get professional guidance. Athletes can strategically deduct costs related to their NIL activities, reducing taxable income. Collaborating with a CPA firm like Insogna CPA ensures meticulous tracking of eligible expenses, optimizing deductions to their fullest potential.

As many athletes fall into self-employment tax categories, it becomes imperative to anticipate obligations like Social Security, Medicare, and other taxes. Adequate planning and setting aside funds preemptively can avert penalties and financial strain.

"Thinking beyond the present is essential," continues Insogna. "Athletes often dont realize that they have opportunities to contribute to retirement accounts like IRAs and SEP-IRAs. This not only secures their financial future but may also yield tax deductions for them in the present."

Navigating state tax intricacies in a multi-state earning scenario can be baffling for students that attend out-of-state programs. Insogna CPA's expertise spans all 50 states, ensuring athletes remain compliant across state lines and steer clear of tax pitfalls.

The firm underscores the significance of seeking advice solely from licensed professionals. Insogna CPA, a licensed CPA firm, advocates for athletes' financial security.

In closing, Insogna CPA urges athletes to take charge of their financial playbook. Through meticulous organization, strategic business structuring, vigilant expense tracking, and proactive tax management, athletes can stride towards financial success while focusing on their athletic pursuits.

About Insogna CPA

Insogna CPA, headquartered in Austin, Texas, is a distinguished accounting firm renowned for its expertise in guiding athletes through complex financial landscapes. With a focus on tax planning, business structuring, and wealth accumulation, the firm empowers NCAA athletes to make informed financial decisions.

Contact Information:

Insogna CPA

3355 Bee Caves Road Suite 503
Austin, TX 78746
United States

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https://insognacpa.com/