#493 Tax Strategies For NIL Athletes

In this episode of the Main Street Business Podcast, host Mark J Kohler welcomes Main Street influencer, Max Merritt, to unpack how student athletes can manage NIL income by forming an LLC. Together, they break down the key strategies and tax advantages available for NIL athletes into four easy sections.Here's what you can look forward to:Mark and Max highlight the importance of structuring yourself as a business entity, such as an LLC, for tax planning purposes.They emphasize the need for professional advice when setting up the business entity to ensure proper tax strategies are in place.Mark and Max discuss the two types of income NIL athletes may receive.The significance of understanding state tax implications and strategizing residency for tax purposes.How to utilize an LLC as a powerful tool for tax planning and incorporating family members for additional write-offs.Reporting income to the IRS using Schedule C or E and the importance of maximizing write-offsHow to be patient yet proactive in setting up the business correctly and continuing education on entrepreneurship.Ready to Take the Next Step?Work With Mat & Mark’s Law FirmGet strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.[Book a Call with KKOS Lawyers]Take Control of Your RetirementWant to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.[Learn More About Directed IRA]Free ResourcesMat Sorensen’s Optimal Order of Investing GuideLearn how to prioritize where your money should go and build a smarter investing strategy.[Download the Free Guide]Mark J. Kohler’s 30-Point Tax GuideDiscover practical tax strategies and planning opportunities every business owner and investor should know.[Download the Free Guide]Get More From Mat & MarkWatch on YouTubeTax strategies, business planning, investing, asset protection, and more.[Visit the YouTube Channel...