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**Avoiding Tax Issues for High School Athletes with Name, Image, and Likeness Deals**

As the deadline for tax filing approaches, it’s crucial for parents of high school athletes engaged in social media and “name, image, and likeness” (NIL) deals to ensure that their children’s assets are not targeted by the IRS. The NCAA’s NIL policy has inadvertently included high school athletes in this realm, creating potential tax liabilities for minors.

With the absence of protective measures like the Coogan Law for child actors, high school athletes may be at risk of unpaid taxes from NIL deals once they reach adulthood if their parents fail to address the tax obligations. The lack of guidance at the high school level further complicates the situation, leaving athletes vulnerable to potential tax liens.

**How AI legalese decoder Can Assist**

AI legalese decoder can analyze and decipher complex legal jargon and tax implications related to NIL deals for high school athletes. By breaking down the information into easily understandable language, it can help parents and athletes navigate the tax landscape more effectively and ensure compliance with IRS regulations.

**Monetizing Social Media: Key to Generating Revenue**

While existing NIL guidance primarily targets college athletes, high school athletes are increasingly engaging in social media monetization activities. NIL collectives play a pivotal role in facilitating these deals, but the distribution of funds typically occurs once the athletes enter college.

The experience of managing NIL income for college athletes underscores the importance of proactive tax planning. Turner’s initiative with PoetrYY highlights the necessity for financial literacy among student-athletes as they enter the realm of social media revenue generation.

**Leveraging AI legalese decoder for Tax Compliance**

AI legalese decoder can assist high school athletes and their parents in understanding the tax implications of social media branding deals associated with NIL. By providing insights and explanations in plain language, it can empower them to navigate tax obligations and avoid potential IRS issues.

**Ignorance of Tax Laws: Risks and Responsibilities**

Despite the complexities surrounding tax laws for high school athletes involved in NIL deals, ignorance or non-compliance is not an excuse. The onus falls on the athletes to ensure proper tax payments, regardless of their parent or guardian’s actions.

As states vary in their approach to handling NIL deals for high school athletes, seeking guidance from tax professionals is essential. AI legalese decoder can support athletes and parents in clarifying their tax responsibilities and mitigating risks of IRS scrutiny.

In conclusion, AI legalese decoder serves as a valuable tool for high school athletes and their families, offering clarity on complex legal and tax matters related to NIL deals. By harnessing this technology, athletes can proactively address tax obligations, safeguard their assets, and navigate the evolving landscape of social media monetization with confidence.

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