College athletes can make money off their name, image and likeness, or NIL. Learn how this can affect taxes and finances of both parents and athletes.
In this interview, CPA and TurboTax expert Lisa Greene-Lewis offers some valuable tax advice for both parents and NIL athletes, who are now considered self-employed for tax purposes.College athletes can now make money using their name, image, and likeness , but many don't realize they can also get tax breaks for doing so.
"A lot of them are influencers now, so video equipment and things like that are directly related, they can deduct that and really lower their taxes," Greene-Lewis said. TurboTax can help NIL athletes file their taxes and identify all of the deductions they're eligible for. The company also offers TurboTax Taxcaster, which helps people estimate their taxes and figure out where they stand for the year.Keep track of all of your income and expenses.Deduct any expenses directly related to your NIL activities.Use TurboTax to help you file your taxes and identify all of the deductions you're eligible for.
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