Game on. We're going to be talking about you athletes out there. College athletes in particular

that are having to learn how to deal with tax and legal planning while in college because you're starting to make some money. I know if there's some agency in Chicago that wants to take a 20 grand retainer to represent your little kid that can throw a basketball. Trust me, it doesn't have to be that expensive. Let me say a Lamborghini. Is that an asset? That's a liability. Yeah.

That is going to go down in value.

That costs you every month.

Welcome everybody to the Main Street Business podcast. My name is Mark Kohler. I'm here with the illustrious Matt Sorensen. And we're ready to game on. How about game on? Game on. I like it. Well, we were struggling. Which, what do we go with game on? Guys, we're going to be talking about you athletes out there, college athletes in particular that are having to learn how to deal with tax and legal planning while in college because you're starting to make some money. Woo! That's the good news. You're making money and you actually get a keep it. It's yours. Unbelievable. How cool is it? And some of you, you know, you know about this NIL thing, name, image and likeness. Just be happy you have a name, image, and likeness.

People want to give you money for it. But it comes with some taxes, you know, more money, more problems. But guys, we got solutions for you. That's what this show's about. You may be making money right now, getting tax forms. What am I supposed to be doing? Who do I rely on? We're hitting that today. That's our goal in this podcast. And there's a lot of wannabes out there that think they know these issues and they're not licensed professionals. We've got so many tips for you. I'm going to leave with that one. And let me just say, you know, your roommate that's a business major. That's not the guy to be talking to on this. Yeah. Yeah. My mom said she was reading the, the inquire, you know, which has a large circulation, mind you. Yeah. It's online. Yeah. Even though how precious your mom is and playing around on TurboTax, she's not your, you know,

she's not her route for you, that's for sure.

But so we're both attorneys, tax lawyers.

We help clients with financial and legal and tax advice around the country.

We have a team of lawyers and accountants that are there for our clients everywhere.

And we've had many, many professional athletes as clients,

entertainers, subcontractors of any type of industry. And that's the easy part. And so I'm

going to move to point number two. You do not need an agent. Do not get sucked into some big law firm,

some big agency that wants 10% of whatever you do because you're like, oh my gosh, someone called me about my YouTube channel or my Instagram followers and they want to sponsor me.

Do I need an agent?

No.

You just need a decent business lawyer that understands taxes.

This is not an infomercial for us, but we're simply an easy call to make because we know what we're doing. But you just don't get sucked into one of these big machines. Yeah, I think the first thing I want to say is think big picture. You are a business now. Your name, image, and likeness being sold. You are a small business. Okay. And you got to do what all small business owners do. You got to learn how to save on taxes.

You don't want to overpay that.

You got to make sure you're protected legally.

You want to make sure that this business can grow.

It is more likely you are going to make money off your name, image, and likeness than

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