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If you're a financial advisor working with college athletes, here are tips for helping your clients manage name, image and likeness-related tax responsibilities effectively:

• Educate Your Clients Early

Simplify complex tax matters and help young athletes understand the financial commitments tied to NIL income. Providing guidance on record-keeping, tax brackets, and potential write-offs establishes trust. Also, helping your athlete track filing deadlines is crucial.

• Encourage Budgeting for Taxes

Recommend that clients set aside 30-40% of their NIL income for taxes to ensure they’re prepared when payments are due.

• Advise on Saving and Investing

Once…

What Is a Closely Held Business?

If you've been navigating the world of business ownership, you've likely come across the term "closely held business." But what exactly does it mean, and how does it impact business operations, structure, and tax strategy? At its core, a closely held business refers to a company where ownership is concentrated among a small group of individuals. These businesses often have a personalized, tight-knit structure that differs significantly from publicly traded corporations.

Understanding this category of business is essential for entrepreneurs, business owners, and investors alike. Let's explore what defines a closely held business, its…