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blog cover in the style of an athletic magazine, text reads: NIL deals and taxes, student athletes what you need to know about taxes, how to protect your new wealth off the field

NIL DEALS AND TAXES

Unlock the Secrets of Financial Success for Student Athletes

Explore In-Depth Insights on NIL Deals, Taxes, Financial Management, and Wealth Building. Stay Informed, Stay Ahead.

Hey there, future superstar! We recognize your talent, ambition, and the potential to revolutionize the sports world. But there’s one essential aspect that often goes overlooked—your financial game. Join forces with Insogna CPA and discover why partnering with us is your ultimate power move.

The NIL Financial Guide for Student Athletes

Table of Contents

1. Maximizing Your NIL Earnings

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Insogna CPA helps student athletes maximize NIL earnings while minimizing taxes. We simplify tax strategies, ensuring you pay only your fair share. Our experts analyze NIL arrangements for tax implications and deductions, letting you focus on your sport. With us, your financial strategy aligns seamlessly with your circumstances, turning NIL earnings into a robust asset.

2. Navigating NIL Deals and Tax Pitfalls

Navigating taxes is like strategizing on the court, but we’re here to coach you through it. Establishing an LLC or S-Corp can be a game-changer, ensuring you keep more of your earnings. We simplify the tax code and guide you through structuring your income efficiently, minimizing tax obligations. Choosing the right business structure grants you financial flexibility and asset protection. At Insogna CPA, we tailor solutions to your needs, empowering you as a student athlete.

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3. Leveraging Deductions

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As an athlete, you incur various expenses like training, equipment, travel, and branding. The IRS offers tax deductions for many of these, lowering your taxable income. Insogna CPA specializes in maximizing these deductions, ensuring you claim all eligible ones.

We meticulously track and categorize your expenses, from training to equipment and travel, minimizing your tax liability while staying compliant. By leveraging these deductions effectively, you’ll save money and gain financial management skills as a student athlete.

4. Securing Your Financial Future

Time flies, so start planning for retirement now. Allocate earnings to IRAs, SEP-IRAs, or 401Ks to secure your financial future. Insogna CPA assists in making intelligent investments, akin to devising winning strategies.

As a student athlete, establish a robust financial foundation early. We collaborate on a retirement strategy aligned with your aspirations. By investing in tax-advantaged accounts, you save for the future and leverage potential tax benefits.

Our comprehensive plan considers your finances, earnings, and retirement goals, ensuring readiness for life after athletics.

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5. Nationwide Expertise

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Competing in various states mirrors managing multiple teams. With nationwide expertise, Insogna CPA, licensed in all 50 states, ensures compliance and shields your assets from state-specific tax complexities.

As a student athlete, navigating diverse state tax regulations is common. Our team’s comprehensive understanding of state tax nuances guarantees effortless navigation of each state’s unique tax landscape. Whether in your home state or traveling for events, your financial matters are meticulously managed, irrespective of location.

6. Avoid Financial Traps in NIL Deals and Taxes

  • The ESPN 30 for 30 documentary “Broke” sheds light on the financial challenges faced by athletes post-retirement, with 78% of former NFL players experiencing financial distress within two years. This underscores the importance of prudent financial management regardless of income.

    Financial security is crucial for every student athlete, regardless of earnings. Insogna CPA is dedicated to guiding you towards stability and success. We help cultivate sound financial habits, devise budgets, and make informed investment choices to avoid past pitfalls. By taking proactive measures today, you’ll be better prepared for a secure financial future.

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7. Take Control of Your Finances

Take charge of your finances; never delegate complete control to unlicensed individuals or grant Full Power of Attorney. Just as you dedicate yourself to your sport, apply the same commitment to managing your finances. Devote time to oversee your financial moves for substantial benefits. Your money’s future should remain under your vigilant supervision.

Financial education is vital for every student athlete. Seek professional advice while staying actively engaged in your financial decisions. At Insogna CPA, we empower clients through education, equipping you with the confidence to control your financial future aligned with your objectives and values.

 

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8. Ethical, Independent Advice for NIL Deals and Taxes

As part of your expert team, including agents, attorneys, and financial advisors, we maintain impartiality and ethical counsel. We do not favor any entity and do not accept or offer financial incentives for referrals. Each expert’s advice stands independently, serving your best interests.

At Insogna CPA, we operate with integrity, ensuring unbiased and ethical guidance. Our commitment is unwavering – we prioritize your financial well-being and goals above all else. Collaborating seamlessly with a network of experts, our allegiance is to you, our client, ensuring objective, reliable, and trustworthy financial advice.

9. Your Trusted Financial Ally for Student Athletes

At Insogna CPA, we’re more than number-crunchers; we’re champions of your financial well-being. We prioritize transparency and open communication, ensuring your comfort with every aspect of your finances. Trust is vital, but verification is equally important – after all, it’s your money, and we’re here to protect it. Consider us your trusted partners, dedicated to safeguarding your financial success and security.

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10. Learning about NIL Deals and Taxes from the Pros

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Learn from the cautionary tales of athletes like Vince Young, who despite earning millions, faced bankruptcy due to neglecting financial management. Their experiences, highlighted in documentaries like “Broke,” offer valuable lessons. Aspiring student athletes should heed these stories, recognizing the importance of financial responsibility alongside on-field success.

Insogna CPA: A Trusted Partner for Student Athletes to navigate NIL Deals, Taxes, Wealth and Success.

Insogna CPA Austin accounting Award-winning firm

Insogna CPA is an innovative team of informed experts providing an insightful understanding of your business with accounting advisory, financial coaching, and tax strategy delivered with a solutions-based approach.

Are you ready to level up your game
and secure your future like a true champion?

Insogna CPA is your financial team captain, committed to helping you score big in the financial game. We’re here to ensure your financial success, just like you shine on the field. 

With Insogna CPA, you’re not just a player; you’re the MVP of your financial game.

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