Create a folder for each payer or deal and retain the signed agreement, invoices, payment confirmations and correspondence. Record the gross amount received and payment date rather than relying only on year-end tax documents.
Keep business and personal spending distinguishable. Store receipts with a short explanation of the business purpose, and maintain contemporaneous mileage records when applicable. Do not assume an expense is deductible merely because it relates loosely to sports.
Reconcile records monthly and share them securely with the athlete’s tax professional. Tax treatment depends on individual facts, so this organizational framework is educational—not personalized tax advice.
