Tyler Coates, Author at Anthem Strategy & Advisory

Why is Financial Literacy Important as an NIL Athlete?

In the new era of Name, Image, and Likeness (NIL) deals, athletes are presented with numerous opportunities to monetize their personal brand. However, this also introduces the need for strong financial literacy to navigate these opportunities effectively. Key Benefits of Financial Literacy: Decreased Confusion and Frustration Reduced Surprise Tax Bills Final Thoughts Financial literacy is […]

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Tax Compliance for NIL Athletes: Navigating the Jock Tax

Uncategorized / Tyler Coates

NIL athletes face unique financial and tax compliance challenges, including the intricacies of the “jock tax.” This tax, which gained prominence through athletes like Michael Jordan, applies to income earned across different states and cities, reflecting the locations where the athletes play and/or practice. Understanding the Jock Tax Multi-State Income: Athletes’ earnings are taxable in

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How Can a Tax Professional Help an NIL Athlete Navigate Challenges?

Article, Featured / Tyler Coates

Navigating tax season can be particularly stressful for NIL athletes, especially as the April 15th deadline approaches. The process involves not only the preparation and filing of tax returns but also ensuring that athletes can fulfill their tax liabilities in a manner that aligns with modern payment methods. Challenges in Tax Preparation Strategies for Ease

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Financial Stability for NIL Athletes

Article, Featured / Tyler Coates

Ensuring financial stability both during and after their athletic careers is a crucial concern for NIL athletes. One of the primary strategies recommended to manage financial health involves effectively handling tax liabilities. Key Strategy: Estimated Tax Payments To enhance cash flow management and avoid a large tax bill when the fiscal year ends, it’s best

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NIL Athletes: Do I Need a Traditional IRA or Roth IRA Account?

Article, Featured / Tyler Coates

NIL athletes often encounter complex financial decisions early in their careers, one of which involves opting between traditional vs. Roth IRAs for their retirement planning. The predominant question that athletes go back and forth on revolves around the appeal of immediate tax deductions offered by traditional IRAs, versus the long-term tax benefits of Roth IRAs.

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