Tim Brunelle, CPA’s Post

The rise of Name, Image, and Likeness (NIL) compensation for amateur athletes has brought new tax complexities. Unlike professional athletes, amateurs earning NIL income often receive pre-tax payments, making them responsible for self-employment taxes, including Social Security and Medicare. These athletes may also need to make quarterly estimated tax payments to avoid penalties. With proper planning and guidance from tax professionals, like our team at Bennett Thrasher, athletes can navigate these challenges and ensure compliance while optimizing their financial outcomes. #CollegeSports #NameImageLikeness #NIL #BennettThrasher https://lnkd.in/e4AG7WEP

The rise of Name, Image, and Likeness (NIL) compensation for amateur athletes has brought new tax complexities. Unlike professional athletes, amateurs earning NIL income often receive pre-tax payments, making them responsible for self-employment taxes, including Social Security and Medicare. These athletes may also need to make quarterly estimated tax payments to avoid penalties. With proper planning and guidance from tax professionals, like our team at Bennett Thrasher, athletes can navigate these challenges and ensure compliance while optimizing their financial outcomes. #CollegeSports #NameImageLikeness #NIL #BennettThrasher https://lnkd.in/eSKe_FP7

A question on many of our clients' lips is often ‘Is this expense tax deductible?’ and true to tax, the answer is not straightforward.      Our expert Sports Tax Team work with many professional footballers helping them elucidate the troubled waters of tax. Footballers often incur substantial expenses to give them that ‘edge’ over the competition.   Our team are often approached by football players, agents, financial advisors and others working within the football space to advise on specific items. Accordingly, Martin Smith, Gurdeep Singh Dhanjal and Finlay Price from the team have written an article which provides an insight and some guidance on the matter.  https://lnkd.in/eqGWyXep

As football season kicks off, the IRS wants sports betters to be aware of their tax obligations regarding gambling income. Stay updated on how to handle your winnings. Read more in our latest blog: https://lnkd.in/gyPpRQKX For the latest updates on topics that impact your business, make sure to follow KLR.

Here is what a $10,000,000 sports contract can turn into: ~ $500,000 agent fees ~ $3,700,000 federal taxes ~ $500,000 state taxes (varies) Take Home of $5,300,000. Pull 3% off to live on = $159,000 per year.

As football season kicks off, the IRS wants sports betters to be aware of their tax obligations regarding gambling income. Stay updated on how to handle your winnings. Read more in our latest blog: https://lnkd.in/e4Zd5fnv For the latest updates on topics that impact your business, make sure to follow KLR.

As football season kicks off, the IRS wants sports betters to be aware of their tax obligations regarding gambling income. Stay updated on how to handle your winnings. Read more in our latest blog: https://lnkd.in/dadsqTrx For the latest updates on topics that impact your business, make sure to follow KLR.

As football season kicks off, the IRS wants sports betters to be aware of their tax obligations regarding gambling income. Stay updated on how to handle your winnings. Read more in our latest blog: https://lnkd.in/eG-pdqEv For the latest updates on topics that impact your business, make sure to follow KLR.

Professional athletes, and now even college athletes, encounter various state income tax filing challenges and complexities. While they cannot avoid the income tax imposed by some of these states, there are proactive steps athletes can take to minimize their overall income tax exposure. To access this article, click below, and reach out to me to learn more about managing a professional athlete's exposure to the "jock tax".

Professional athletes, and now even college athletes, encounter various state income tax filing challenges and complexities. While they cannot avoid the income tax imposed by some of these states, there are proactive steps athletes can take to minimize their overall income tax exposure. To access this article, click below, and reach out to me to learn more about managing a professional athlete's exposure to the "jock tax".