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NIL Deals and Taxes: What Every Student Athlete Must Know
Manage episode 394060803 series 3455457
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Summary
In this conversation, Funaki Asisi interviews his mother, June Asisi, who is a tax consultant. They discuss the importance of taxes for student athletes, particularly in the context of Name, Image, and Likeness (NIL) deals. June explains that any income over $600 is taxable and advises student athletes to request a 1099 form from businesses they work with. She also highlights the benefits of creating a business entity, such as an S-Corp, and the importance of reporting all income to avoid tax fraud. June emphasizes the need for financial education for student athletes and the shortcomings of the education system in teaching life skills.
Takeaways
Student athletes should be aware that any income over $600 is taxable and should request a 1099 form from businesses they work with. Creating a business entity, such as an S-Corp, can provide tax benefits for student athletes. It is important to report all income and expenses accurately to avoid tax fraud. Financial education is crucial for student athletes, as the education system often fails to teach important life skills, including taxes. Foreign student athletes may have different tax considerations and should seek guidance from tax professionals. Transferring schools can have tax implications, as student athletes may need to pay taxes in multiple states.
Chapters
00:00 Introduction and the Importance of Taxes
03:00 Recruiting Process and Tax Considerations
10:08 Handling NIL Deals from a Tax Perspective
18:27 Reporting Income and Tax Requirements
20:43 Filling Out a 1099 and Understanding Write-Offs
25:11 Creating a Business Entity and Tax Benefits
27:30 Avoiding Tax Fraud and Seeking Help
35:29 Importance of Financial Education for Student Athletes
38:19 The Need for Life Skills Education
41:14 Tax Considerations for Foreign Student Athletes
43:34 Tax Implications of Transferring Schools
45:00 Closing Remarks and Gratitude
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