As you revel in the financial benefits of your endorsements and partnerships, it’s crucial to remember the responsibility that comes with it—taxes. The tax deadline is April 15, 2024. To ensure you stay on the right side of the law and to make the most of your hard-earned income, we’ve put together this guide on what you need to do and gather before meeting with DPW. We need to meet with you no later than March 15, 2024 to ensure that we file your return on time.
1. Gather Income Documentation:
The first step in preparing for your tax meeting is to gather all documents related to your NIL income. This includes:
Contracts and endorsement agreements
Payment records
Invoices issued to sponsors
Any 1099 forms received from companies that paid you
Previous Years Tax Return (if applicable)
2. Understand Tax Deductions:
Familiarize yourself with potential tax deductions that may apply to your situation. Depending on your expenses, you might be eligible for deductions related to:
Business-related travel
Equipment and gear
Training and coaching expenses
Marketing and promotional costs
Keep detailed records of these expenditures and discuss them with DPW to maximize your deductions.
3. Organize Personal Information:
Ensure DPW has accurate personal information, including your social security number, address, and any other relevant details. This will help streamline the filing process and reduce the risk of errors.
4. Review State Tax Locations:
List the states and cities where you earned NIL income. DPW can guide you on how to navigate multi-state tax obligations and ensure compliance with each jurisdiction.
5. Separate Personal and Business Finances:
If you haven’t already, consider opening a separate bank account for your NIL income. This can make it easier to track transactions, expenses, and income, simplifying the accounting process.
6. Schedule a Meeting with DPW:
Finally, set up a meeting with DPW before March 15, 2024. This will give you ample time to address any questions or concerns and ensure that your tax return is filed accurately and on time.
