Hey there, college athletes! The NCAA recently announced a new rule allowing you to profit from your Name, Image, and Likeness (NIL). This is great news, but it also means that you have new financial responsibilities to consider. That’s why it’s important to learn about tax planning now.
By understanding tax planning strategies, you can maximize your earnings and make the most of your opportunities. For example, you might want to set up a business entity to receive your endorsement income and save on taxes. Plus, you can avoid costly mistakes like failing to report income or pay taxes on time.
Learning tax planning is also a crucial part of financial literacy. By building this knowledge, you can manage your finances, plan for your future, and make smart investment decisions. You’ll be better equipped to work with financial professionals like accountants and financial advisors, too.
So don’t wait! By taking the time to learn about tax planning, you can set yourself up for financial success both during and after college.