#493 Tax Strategies For NIL Athletes

Main Street Business

Mark J Kohler and Mat Sorensen

Management, Tax Tips, Entrepreneurship, Accounting, Business, Business Structure, Estate Planning, Tax Reform, Legal Compliance, Tax Prep, Tax Strategies, Financial Reporting, Irs Updates

4.8 • 584 Ratings

🗓️ 21 April 2024

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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 ...

Transcript

Click on a timestamp to play from that location

0:00.0	If any of you are a student athlete anticipating or being offered NIL income, your first thing to do is go form that LLC.
0:07.6	That LLC doesn't save you tax. The LLC saved you tax when you layer it with this S election.
0:15.5	And we can add family members to board of advisors, different things, and start generating the ability to make your
0:21.2	life of tax right off in a lot of ways. Be careful of signing up with someone that wants a percentage
0:25.7	of you. Welcome everybody to a Main Street Business podcast interview with a Main Street
0:35.0	influencer. This is Max Merritt, one of our tax lawyers at KQS lawyers.
0:38.7	My name is Mark Kohler. I'm also a tax lawyer, a senior partner here. And we've got Max,
0:43.1	here the leader of our NIL business group helping clients around the country. Thanks for being with me.
0:50.2	Oh, thanks so much for having me. I'm super excited to be here. We want to cover four things for the
0:54.3	NIL athlete. And we've got other videos for you, four-part series. This is first part, and that is
1:00.0	understanding the tax ramifications of being an NIL athlete. And we want to talk about you as a
1:05.9	business, how to structure yourself, and what type of income might be coming in, what to do with federal
1:12.2	taxes and what to do with state taxes.
1:14.7	So we're going to hit four topics.
1:16.1	We're going to dive into it.
1:17.2	We hope to be there for you for many years to come with additional articles and podcast videos,
1:21.9	YouTube videos.
1:22.4	If you're finding this for the first time, you may go to ask yourself, wow, these guys have
1:27.2	some content.
1:27.8	We got lots of content out there.
1:29.6	Main Street America needs good tax planning advice.
1:32.7	So I'm going to ask you, Max, first as we kind of beat this up and peel away the onion,
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Mark J Kohler and Mat Sorensen, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Mark J Kohler and Mat Sorensen and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.