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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

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1. Maximizing Your NIL Earnings

Unlocking the full potential of your NIL earnings is crucial, but the IRS seeks its share. In other words, you’ll owe taxes, and nobody enjoys parting with their hard-earned money. However, Insogna CPA is your reliable partner, equipped with tax strategies that ensure you pay only your fair share – not a cent more. We’ve simplified the tax game, making it as straightforward as executing a slam dunk. Our mission is to demystify tax complexities and optimize your savings.

Navigating the intricate landscape of Name, Image, and Likeness (NIL) earnings can be a daunting task for student athletes. Beyond a mere understanding of tax laws, we specialize in safeguarding more of your well-deserved NIL income. Our team of experts will meticulously analyze your specific NIL arrangements, ensuring you’re well-versed in all tax implications and eligible deductions.

With Insogna CPA in your corner, you can dedicate your focus to excelling in your sport, knowing that we’ve got your financial interests covered. Our personalized approach guarantees that your financial strategy aligns seamlessly with your unique circumstances, effectively transforming your NIL earnings into a robust financial asset.

2. Navigating NIL Deals and Tax Pitfalls

Dealing with taxes can be as challenging as defending a well-structured court. Fear not; we’re your adept coach. Our expertise will guide you through the process of establishing an LLC-SCorp, a game-changing financial move. This step can determine whether you drain your earnings on unnecessary taxes or retain the lion’s share of your hard-earned income. Think of it as donning your superhero attire on your path to victory.

Understanding the intricacies of the tax code can be as daunting as mastering your chosen sport. Here’s where our expertise comes into play. We’ll lead you through the advantages of structuring your earnings via an LLC or S-Corp, ensuring you minimize your tax obligations both legally and efficiently. This strategic maneuver can have a profound impact on your financial future.

By selecting the right business structure, you gain the ability to manage your income more effectively, capitalize on deductions, and safeguard your assets. At Insogna CPA, we work closely with you to assess your financial situation, guaranteeing that your chosen business entity perfectly aligns with your objectives, providing you with the financial flexibility needed as a student athlete.

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3. Leveraging Deductions

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As an athlete, you naturally incur expenses, such as training, equipment, travel, branding, and more. The IRS generously provides tax deductions for many of these expenditures, allowing you to lower your taxable income and enjoy “discounts” on the things you need most. This means you can retain more of your earnings without additional hassle.

Maximizing your deductions is paramount in retaining more of your hard-earned money. The tax code offers an array of deductions specifically designed to benefit athletes. At Insogna CPA, we specialize in identifying these deductions and ensuring that you claim each eligible one.

From tracking your training expenses to categorizing equipment costs and managing travel expenditures, we collaborate closely with you to meticulously document and classify every deductible expense. Our primary objective is to minimize your tax liability while ensuring strict compliance with tax laws. By effectively leveraging these deductions, you’ll not only save money but also gain a deeper understanding of how to manage your finances as a student athlete.

4. Securing Your Financial Future

Retirement might seem a distant future, but trust us, time flies. By allocating a fraction of your earnings into retirement accounts such as IRAs, SEP-IRAs, or 401Ks, you’re effectively securing your financial future. A modest investment now can lead to substantial financial stability later on. We’re here to assist you in making intelligent investments, just as you would devise a game-winning strategy.

It’s never too early to initiate retirement planning. As a student athlete, you possess a unique opportunity to establish a robust financial foundation that will serve you well for many years. Insogna CPA collaborates with you to craft a retirement strategy that harmonizes with your long-term aspirations.

By setting aside a portion of your earnings within tax-advantaged retirement accounts, you’re not only saving for your future but also tapping into potential tax advantages. We furnish you with a comprehensive retirement plan that factors in your present financial situation, projected earnings, and retirement goals. With our guidance, you’ll be well-prepared for the phase of life following your athletic career.

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5. Nationwide Expertise

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Competing in various states can resemble managing multiple teams concurrently. This is where our nationwide expertise comes into play. As a licensed CPA team in all 50 states, we guarantee your compliance and protect your assets from state-specific tax complexities.

Being a student athlete often entails competing in diverse states and grappling with the intricacies of state tax regulations. Insogna CPA’s nationwide expertise is your strategic advantage, ensuring that you navigate each state’s unique tax landscape effortlessly.

Our team boasts in-depth knowledge of the nuances that distinguish one state’s tax regulations from another’s. Whether you’re competing in your home state or crisscrossing the country for events, we guarantee that your financial matters are meticulously managed, regardless of your location.

6. Avoid Financial Traps in NIL Deals and Taxes

  • Remember the eye-opening ESPN 30 for 30 documentary, “Broke”? It serves as a poignant reminder of why financial prudence should be at the forefront of your mind. Astonishingly, 78% of former NFL players experience bankruptcy or financial distress within two years of retirement. This startling statistic underscores the significance of prudent financial management, regardless of your earnings.

  • Financial security is a paramount concern for every student athlete, irrespective of your current income level. The narratives of professional athletes encountering financial challenges serve as cautionary tales, emphasizing the importance of prudent financial decision-making early in your career.

  • At Insogna CPA, we are committed to guiding you toward financial stability and success. We’ll assist you in cultivating sound financial habits, devising a budget, and making well-informed investment choices. Our aim is to ensure that you circumvent the financial pitfalls that have ensnared many athletes in the past. By adopting proactive measures today, you’ll be better prepared to secure your financial future.
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7. Take Control of Your Finances

Your finances are your responsibility. Never delegate complete control to unlicensed individuals or grant Full Power of Attorney. Just as you pour your passion into achieving success in your sport, apply the same dedication to managing your finances. Devoting a few minutes to oversee your financial moves can yield substantial benefits. Ultimately, your money’s future should remain under your vigilant supervision.

Empowering yourself through financial education is imperative for every student athlete. While it’s vital to seek professional advice, it’s equally critical to remain actively engaged in your financial decision-making process. Surrendering full control of your financial decisions to others, especially unlicensed entities, should never be an option.

At Insogna CPA, we firmly believe in educating our clients and arming them with the knowledge and tools needed to make informed financial choices. We will equip you with the confidence to exercise full control over your financial future and to make decisions aligned with your objectives and values.

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8. Ethical, Independent Advice for NIL Deals and Taxes

We are part of your team of experts, including agents, attorneys, financial advisors, and more. However, it’s essential to recognize that we don’t favor any particular entity. Our counsel is ethical and impartial. We neither accept nor offer financial incentives for referring you to other professionals. Each expert’s advice should stand independently to serve your best interests.

When it comes to managing your finances, it’s vital to receive advice that is not only unbiased but also unwaveringly in your best interest. Insogna CPA operates with the utmost integrity, ensuring that our guidance is ethical and impartial. We neither engage in nor entertain any form of favoritism or financial incentives in exchange for referrals to other professionals.

Our commitment is unwavering – we are dedicated to providing you with the most objective, reliable, and trustworthy financial advice available. We collaborate seamlessly with a network of experts, such as agents, attorneys, and financial advisors, but our primary allegiance is to you, our client. Rest assured that every recommendation we offer is unwaveringly focused on serving your financial well-being and achieving your goals.

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9. Your Trusted Financial Ally for Student Athletes

Our role extends beyond mere number-crunching; we’re here to champion your financial well-being. By fostering full transparency and maintaining open lines of communication, we ensure you’re comfortable with every facet of your income tax returns and IRS payments. Trust is paramount, but verification is equally important. In the end, it’s your money – and we’re here to protect and preserve it.

At Insogna CPA, we perceive ourselves as more than financial professionals. We function as your trusted partners, dedicated to safeguarding your financial success and security. We prioritize transparency and open communication to build a relationship rooted in trust and accountability.

Our commitment to your financial well-being extends to offering a clear, comprehensive understanding of your income tax returns and IRS payments. We encourage you to pose questions, seek clarification, and actively participate in the decision-making process. Ultimately, it’s your money, and you should have unwavering confidence in how it is managed. With Insogna CPA as your ally, you can enjoy peace of mind, knowing that your financial interests are our utmost priority.

10. Learning about NIL Deals and Taxes from the Pros

Have you ever heard of Vince Young? He was a sports legend, amassing millions during his illustrious career. However, he neglected to allocate a few minutes each week to manage his finances. The outcome? Bankruptcy – a fate that has befallen numerous athletes featured in the “Broke” documentary. We hope you’ll derive valuable lessons from their experiences. Allow their stories to illuminate the path toward constructing a secure financial future.

The stories of professional athletes like Vince Young serve as invaluable tutorials for aspiring student athletes. Despite achieving remarkable success on the field, many athletes have confronted financial challenges owing to inadequate financial management. These narratives vividly underscore the significance of financial responsibility within an athlete’s journey.

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

Insogna CPA Austin 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.