Money is part of the game. Understanding how it works protects your future as an athlete.

This guide breaks down the most common questions athletes ask about taxes so you can stay organized, confident, and ready for the next opportunity.

1. Do I have to pay taxes on free gear?

Sometimes.
If you receive gear, equipment, apparel, or perks in exchange for posting, promoting, or completing deliverables, the IRS views it as taxable income.

If the item is truly free with no strings attached, it may not be taxable. When in doubt, track it.

2. What if I never receive a 1099?

You still must report your income.
Brands issue 1099s only if they paid you 600 dollars or more, but you must report all income, even if no form is sent.

Your responsibility is to track what you earned, not what paperwork you received.

3. Can I write off my phone bill, gym membership, or equipment?

Possibly.
A cost is deductible only if it’s used to help you earn money.

Examples:
• Creating content for a brand. A portion of your phone bill may count.
• Buying gear or equipment for a paid appearance or photoshoot.
• Software or tools used to deliver services.

The rule is simple: the expense must be ordinary, necessary, and directly related to your athletic income.
Always talk with a tax professional before taking deductions.

4. When do I have to file taxes?

Tax Day is April 15.

If you earn 400 dollars or more from self-employment (brand deals, camps, lessons, appearances, content), you must file.

Even if you earn less, you may still need to file depending on your total income for the year. If you earned money, it’s safest to assume you’ll file.

5. What if I already spent the money and can’t afford my taxes?

It happens more often than you think.

Here’s what to do:
• File anyway. Not filing creates bigger problems.
• Set up a payment plan. The IRS offers them.
• Save 25 to 30 percent of future earnings for taxes.

Being behind once doesn’t define you. Learning from it does.

6. Do I need to pay quarterly taxes?

Only if you earn consistently throughout the year.

If you make recurring income from sponsorships, lessons, content, or appearances, you may need to submit quarterly estimated taxes.

If payments come in occasionally, quarterly payments may not be required, but planning ahead is always smart.

7. Does it matter that I’m in high school or college?

No.
Age or student status does not change your tax responsibility.

If you earn money independently, the IRS considers you self-employed for that income.

8. What should I keep track of?

Keep simple records of:
• Money you earned
• Who paid you
• Dates paid
• Any agreements you accepted
• Expenses related to earning money
• Any gear or perks you received in exchange for work

A notes app, Google Doc, or basic spreadsheet is enough.

9. What tools can help me file?

Most young athletes can file using common tools like:
• Cash App Taxes (free)
• TurboTax
• H&R Block

If your income is more complex, a tax professional can help.

10. What if I realize I made a mistake?

No panic needed. Just act.

• File a return as soon as you notice the issue
• If needed, file an amended return
• Know that the IRS prefers honesty over silence

Penalties grow the longer you wait. Fix it, learn, and move forward.

❌ Common Athlete Tax Mistakes

• Spending everything without saving for taxes
• Forgetting small payments or transfers
• Not keeping simple records
• Assuming no form equals no taxes
• Waiting until April to organize everything

🔐 Pro Move: Create Your Own Tax Folder

Drop in:
• Screenshots of payments
• Receipts for any business-related expenses
• Contracts or agreements
• Any tax forms you receive

Staying organized now helps your future self win.