🏅 Expert Interview: Tyson Pruett on Navigating NIL Taxes and Financial Success

Hey there,

Today we bring you an exclusive interview with Tyson Pruett, Managing Partner at Anthem NIL Strategists. With over 20 years of experience in tax strategy and financial advisory, Tyson shares his expertise on helping student-athletes navigate the complex world of NIL taxes while fostering their overall financial well-being.

In this newsletter, Tyson discusses:

• Balancing expert tax advice with athletes' long-term success.
  

• Strategies for effective communication with student-athletes.
  

• Common tax challenges faced by NIL athletes.
  

• Preview of Anthem Strategists' upcoming NIL taxes webinar.
  

• How tax guidance contributes to athletes' financial literacy and future success.

Join Anthem NIL Strategists for their upcoming FREE webinar, "Navigating NIL Taxes," 

Let’s get started!

— Cole, Justin and Collin

As managing partner of Anthem Strategists, how do you balance providing expert tax advice to NIL athletes while also prioritizing their overall success and well-being?

We see our role as more than just tax advisors—we’re educators and advocates for young athletes navigating this new financial landscape. Balancing expert tax advice with their overall well-being means taking a holistic approach. We break down complex tax issues into understandable terms, so athletes feel confident in their financial decisions. More importantly, we prioritize their long-term success by helping them establish good financial habits early. Whether it's ensuring they have enough set aside for tax payments, advising them on structuring their NIL deals wisely, or simply being a trusted resource, we always have their best interests at heart.

Can you share some key strategies you use to foster open communication with student-athletes, ensuring they feel comfortable discussing their financial concerns?

Communication is everything. We make sure our approach is relatable and accessible—no intimidating tax jargon, just straightforward conversations. We also meet athletes where they are, whether that’s through one-on-one Zoom calls, group sessions with teams, or social media where they’re already engaging. We encourage questions and emphasize that there are no “dumb” ones when it comes to money. Most importantly, we lead with transparency and trust, showing athletes that we’re here to help them, not just during tax season but throughout their careers.

With the upcoming tax season, what are the most common challenges you've observed NIL athletes facing, and how does Anthem Strategists help address these issues?

One of the biggest challenges is simply understanding that NIL income is taxable. Many athletes receive payments through Venmo, Cash App, or direct deposits and don’t realize that they need to set aside money for taxes. Another challenge is knowing what expenses they can and can’t deduct. We address these issues by proactively educating athletes before tax season hits. We provide personalized guidance, help them stay organized throughout the year, and make filing as stress-free as possible.

Your firm is hosting a NIL taxes webinar on March 4th. What can attendees expect to learn, and how will this information benefit athletes, coaches, and other NIL stakeholders?

This webinar is all about equipping athletes, their families, and coaches with the knowledge they need to navigate NIL taxes with confidence. We’ll cover essential topics like how NIL income is taxed, the importance of estimated tax payments, common tax deductions for athletes, and strategies for staying compliant with the IRS. The goal is to eliminate confusion, prevent costly mistakes, and give athletes the tools to make smart financial decisions—not just this year, but for years to come.

In your experience, how has helping NIL athletes with their taxes contributed to their overall financial literacy and long-term success beyond their college careers?

Handling NIL taxes is often an athlete’s first real exposure to financial responsibility, and we see it as a crucial teaching moment. When they learn to budget for taxes, track expenses, and understand the impact of their earnings, they’re building foundational skills that will serve them well beyond college—whether they go pro, start a business, or enter a different career. Our goal is to set them up for financial success now so that they can avoid the pitfalls that have affected so many athletes in the past.