My former company used two UK players for advertising under the NIL guidelines.when players receive NIL money is it considered a gift earned wages scholarship money or what
Write off your Nikes. Gotta be the shoes lol.And….all self-employed individuals can write off business expenses
NIL is compensation between players and third parties for use of the players' names, images, or likenesses in commercial activities. This isn't a gift, isn't wages from employment, and isn't scholarship money. It is ordinary income and players will have to pay Federal, State, and Local income taxes on it. Hopefully they're setting up tax advantaged business entities to deduct expenses and pass through a good chunk of the income as royalties and distributions.when players receive NIL money is it considered a gift earned wages scholarship money or what