EP 118 Gaining Tax Advantages For Student Athletes and Entrepreneurs!

Money & You with Michelle Perkins

In this episode, Michelle Perkins discusses the unique topic of gaining tax advantages for student athletes and how you can see the parallels for entrepreneurs.
The guest for this episode is Chase Insogna, an expert in “name image likeness” (NIL) deals and wealth building strategies for student athletes. A CPA, Chase also joins the conversation to provide insights on tax planning and financial management for student athletes as well as business owners..
Chase is passionate about athletics and entrepreneurship, specializing in NIL deals and guiding student athletes through tax implications and wealth building strategies. Chase focuses on the unique needs of student athletes, ensuring compliance with tax laws and strategic wealth growth.
We discussed the importance of Tax Planning for Small Business Owners and ways to create and implement a tax strategy that would save taxes and avoid unnecessary taxes.
Chase's mantra is to not live a lifestyle you can't afford and to reserve taxes to pay at the end of the day. The importance of discipline in saving money for taxes, even when there are other needs in the business, was an important topic.
For the entrepreneurs listening we talked about why the majority of small businesses are not sellable, which is important for retirement planning as so many business owners have factored a business sale into their retirement plans.
00:04 - Introduction to Chase and Sonia 06:40 - Importance of saving for taxes and how to do it 14:20 - Preparing for the future and retirement 22:19 - Benefits of working with licensed professionals 28:08 - Avoiding financial mistakes many make 37:43 - The value of a good CPA
Key Takeaways: Student athletes and small business owners, including those with NIL deals, should have a tax plan and save money for taxes throughout the year. Setting up an LLC and making an S Corp election can help save on unnecessary payroll taxes for self-employed individuals. How working with licensed professionals, such as CPAs, ensures comprehensive tax planning and financial advice. Building a strong financial foundation and saving for retirement early on is crucial, as selling a business is not guaranteed.
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