Tax Strategies For NIL Athletes [Video]

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00:00 – Introduction to NIL Income and LLC Formation
03:15 – Understanding Two Types of NIL Income: Ordinary and Royalty
06:02 – Reporting Ordinary Income through an LLC and S Corporation
09:03 – Reporting Royalty Income on Schedule E
11:57 – Choosing the Right State for Setting Up Your LLC
15:05 – Understanding State Tax Reporting and Planning
19:00 – The Importance of Building a Team of Advisors
22:00 – Conclusion and Advice for NIL Athletes