top of page
  • Writer's pictureAZ Moyer

15 Common Tax Deductions for NIL Athletes

For college athletes making money through Name, Image, and Likeness (NIL) opportunities, it's important to keep track of business expenses for tax purposes. Here are some common business expenses that athletes might incur:

1. Training Expenses:

  • Personal training fees

  • Gym memberships

  • Fitness equipment and gear

2. Travel Expenses:

  • Transportation costs for attending events or training sessions

  • Lodging expenses

  • Meals while traveling

3. Equipment and Gear:

  • Sports equipment

  • Athletic apparel

  • Footwear

4. Professional Services:

  • Legal fees for contract review or negotiations

  • Agent fees

  • Accounting and tax preparation fees

5. Marketing and Promotion:

  • Costs associated with creating and promoting personal brand materials

  • Social media management fees

  • Website development and maintenance

6. Education and Skill Development:

  • Tuition and fees related to educational courses or workshops

  • Expenses for skill development programs or camps

7. Health and Wellness:

  • Medical expenses not covered by insurance

  • Physical therapy or rehabilitation costs

  • Sports massage or recovery services

8. Technology:

  • Electronic devices for business use

  • Software and apps for personal brand management

9. Insurance:

  • Health insurance premiums

  • Liability insurance for events or appearances

10. Meals and Entertainment:

  • Business-related meals and entertainment expenses

  • Hosting events for promotional purposes

11. Appearance Costs:

  • Clothing and grooming expenses for public appearances

  • Costs associated with attending events or conferences

12. Home Office Expenses:

  • If applicable, a portion of rent or utilities for a home office space

  • Office supplies for business use

13. Communication:

  • Mobile phone expenses used for business purposes

  • Internet costs for business-related activities

14. Charitable Contributions:

  • Donations made as part of a philanthropic initiative

15. Legal Protection:

  • Costs associated with trademark registration or other legal protections for your brand

It's crucial to keep detailed records of all expenses, including receipts and documentation, to substantiate deductions during tax filing. Additionally, consulting with a tax professional can help ensure that you are maximizing your eligible deductions and complying with tax regulations. Tax laws can be complex and can vary, so seeking professional advice is highly recommended. Holler at us below with any questions!

39 views0 comments


bottom of page