College athletes (NIL) tax write-offs
Varies
What Can College athletes (NIL) Write Off?
Short answer: NIL income is self-employment income: deduct agent fees, training, social media tools, and travel for appearances, and pay quarterly estimates.
Self-employed workers deduct these on Schedule C, cutting income tax and the 15.3% self-employment tax; keep receipts and a mileage log.
Records to keep: Keep receipts, 1099s or W-2s, a mileage log, and a note of the business purpose for each expense.
College athletes (NIL) tax write-offs
Varies
Remote Workers / Freelancers / Consultants
NIL income is self-employment income: deduct agent fees, training, social media tools, and travel for appearances, and pay quarterly estimates.
Business justification
NIL income is self-employment income: deduct agent fees, training, social media tools, and travel for appearances, and pay quarterly estimates. Self-employed workers deduct these on Schedule C, cutting income tax and the 15.3% self-employment tax; keep receipts and a mileage log.
Category
- Write-Offs by Job