Show notes
SummaryIn this conversation, Funaki Asisi interviews his mother, June Asisi, who is a tax consultant. They discuss the importance of taxes for student athletes, particularly in the context of Name, Image, and Likeness (NIL) deals. June explains that any income over $600 is taxable and advises student athletes to request a 1099 form from businesses they work with. She also highlights the benefits of creating a business entity, such as an S-Corp, and the importance of reporting all income to avoid tax fraud. June emphasizes the need for financial education for student athletes and the shortcomings of the education system in teaching life skills.TakeawaysStudent athletes should be aware that any income over $600 is taxable and should request a 1099 form from businesses they work with. Creating a business entity, such as an S-Corp, can provide tax benefits for student athletes. It is important to report all income and expenses accurately to avoid tax fraud. Financial education is crucial for student athletes, as the education system often fails to teach important life skills, including taxes. Foreign student athletes may have different tax considerations and should seek guidance from tax professionals. Transferring schools can have tax implications, as student athletes may need to pay taxes in multiple states.Chapters00:00 Introduction and the Importance of Taxes03:00 Recruiting Process and Tax Considerations10:08 Handling NIL Deals from a Tax Perspective18:27 Reporting Income and Tax Requirements20:43 Filling Out a 1099 and Understanding Write-Offs25:11 Creating a Business Entity and Tax Benefits27:30 Avoiding Tax Fraud and Seeking Help35:29 Importance of Financial Education for Student Athletes38:19 The Need for Life Skills Education41:14 Tax Considerations for Foreign Student Athletes43:34 Tax Implications of Transferring Schools45:00 Closing Remarks and GratitudeFind more great content to help you get recruited at www.recruitgrind.com I get it, podcasts can be long at times. If you want to see some quick highlights from each episode as well as some great recruiting tips, follow us on TikTok, Instagram, Facebook and Twitter (@therecruitgrind).And remember, don't stop GRINDING!