DALLAS, October 11, 2024 (Ecnetnews.com)
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Liberty Tax, a national tax preparation service, announced a strategic partnership with TCU today to provide guidance and support for student-athletes generating income from Name, Image, and Likeness (“NIL”). This collaboration seeks to provide resources, consultations, and tax preparation services for personal income taxes.
NIL has changed the college athletics landscape, creating additional responsibilities and risks for student-athletes. Currently, athletes can gain income through NIL in several different ways, such as endorsements, apparel sales, corporate partnerships, charitable appearances, and starting their own businesses. As a result, young adults who haven’t filed taxes are now responsible for filing and paying their federal and state taxes. Receiving NIL income could impact their financial aid if they’re receiving student loans or grants. Additionally, parents looking to claim their child as a dependent may also be affected by income generated from NIL.
Through remote and in-person tax preparation services, Liberty Tax is perfectly positioned to provide tax education and preparation directly to student-athletes and their parents. As of September, Liberty Tax is hosting a series of virtual group meetings to provide resources, answer common questions, and offer discounts for tax filing services.
Key Benefits of the Partnership Include:
- Educate and equip: Ensure that NIL participants are aware of tax implications and empowered to make informed decisions related to their filing.
- Provide consultations: Connect with parents and students to discuss the filing process, requirements, liability, and potential savings.
- Expert tax preparation: Access to Liberty Tax offices to utilize in-person or remote Liberty Tax preparation services.
“As a former TCU student-athlete, I’m excited to help provide beneficial tax resources to my alma mater,” said Kyle Sawai, CMO of Liberty Tax. “Today’s student-athletes face a new set of challenges when accepting income from NIL, and many of them are not informed about the potential tax implications. We’re hopeful that this partnership will positively impact thousands of students and their parents.”
For more information on NIL’s impact on taxes, please visit: www.libertytax.com/nil
About Liberty Tax
Since 1997, Liberty Tax has helped millions of tax filers. Liberty Tax has 2,200+ retail branches and 12,000+ tax professionals across the United States and Canada. The Liberty Tax mission is to be trusted locally and respected nationally as the best choice for professional tax services.
Source: Liberty Tax
