UnderGround Forums Platinum Perry owes taxes; has $6 in the bank

10 days ago
12/1/10
Posts: 4127
RockTheVote - 
HTMNDN - Any manager or trainer fees that are percentage based should be calculated post tax not pre also.

Curious why you think so? Those payments are being written off (fighters aren't paying taxes on that money), so why would you calculate them based on post tax earnings?


is there no cap on deductions for that ?


i don't know he should be working with a qualified cpa not mma.tv


i have had many friends and relatives that where high paid pro athletes. the best of them paid those fees post tax not pre.
10 days ago
12/8/12
Posts: 654

Mike "Tin Foil" Perry?

10 days ago
11/17/10
Posts: 49446
HTMNDN -
RockTheVote - 
HTMNDN - Any manager or trainer fees that are percentage based should be calculated post tax not pre also.

Curious why you think so? Those payments are being written off (fighters aren't paying taxes on that money), so why would you calculate them based on post tax earnings?


is there no cap on deductions for that ?


i don't know he should be working with a qualified cpa not mma.tv


i have had many friends and relatives that where high paid pro athletes. the best of them paid those fees post tax not pre.

you are either mistaken or they dont have a good accountant

management fees you pay to your gym or agent are 100% deductible as a business expense for a pro fighter, no question about it

 

they may have paid with "after tax" money, but they could get a deduction for those fees when they do their tax returns

10 days ago
12/1/10
Posts: 4128
In Limbo - 
HTMNDN -
RockTheVote - 
HTMNDN - Any manager or trainer fees that are percentage based should be calculated post tax not pre also.

Curious why you think so? Those payments are being written off (fighters aren't paying taxes on that money), so why would you calculate them based on post tax earnings?


is there no cap on deductions for that ?


i don't know he should be working with a qualified cpa not mma.tv


i have had many friends and relatives that where high paid pro athletes. the best of them paid those fees post tax not pre.

you are either mistaken or they dont have a good accountant

management fees you pay to your gym or agent are 100% deductible as a business expense for a pro fighter, no question about it

 

they may have paid with "after tax" money, but they could get a deduction for those fees when they do their tax returns


perhaps it was post other necessary expenses but pre tax. idk i just heard a few conversations about it a couple of times.

training and other costs first. then manager percentage.

or hey give the guy 20% off the top then pay the rest of the stuff you actually need to win a fight.
10 days ago
6/23/12
Posts: 16719
HTMNDN -
In Limbo - 
HTMNDN -
RockTheVote - 
HTMNDN - Any manager or trainer fees that are percentage based should be calculated post tax not pre also.

Curious why you think so? Those payments are being written off (fighters aren't paying taxes on that money), so why would you calculate them based on post tax earnings?


is there no cap on deductions for that ?


i don't know he should be working with a qualified cpa not mma.tv


i have had many friends and relatives that where high paid pro athletes. the best of them paid those fees post tax not pre.

you are either mistaken or they dont have a good accountant

management fees you pay to your gym or agent are 100% deductible as a business expense for a pro fighter, no question about it

 

they may have paid with "after tax" money, but they could get a deduction for those fees when they do their tax returns


perhaps it was post other necessary expenses but pre tax. idk i just heard a few conversations about it a couple of times.

training and other costs first. then manager percentage.

or hey give the guy 20% off the top then pay the rest of the stuff you actually need to win a fight.

Everyone I know who pays a percentage of purse pays it based on the total purse. I've never heard of anyone paying "a percentage of purse after these other expenses."

10 days ago
4/2/08
Posts: 24198

Sad to see but some of these guys are their own worst enemy.

Cant be too hard to find a CPA. Hell he probably trains a few if he runs any classes at the gym he fights out of.

At this point, he has only himself to blame and im a fan of the guy.

10 days ago
3/5/14
Posts: 13208
RockTheVote -
HTMNDN -
In Limbo - 
HTMNDN -
RockTheVote - 
HTMNDN - Any manager or trainer fees that are percentage based should be calculated post tax not pre also.

Curious why you think so? Those payments are being written off (fighters aren't paying taxes on that money), so why would you calculate them based on post tax earnings?


is there no cap on deductions for that ?


i don't know he should be working with a qualified cpa not mma.tv


i have had many friends and relatives that where high paid pro athletes. the best of them paid those fees post tax not pre.

you are either mistaken or they dont have a good accountant

management fees you pay to your gym or agent are 100% deductible as a business expense for a pro fighter, no question about it

 

they may have paid with "after tax" money, but they could get a deduction for those fees when they do their tax returns


perhaps it was post other necessary expenses but pre tax. idk i just heard a few conversations about it a couple of times.

training and other costs first. then manager percentage.

or hey give the guy 20% off the top then pay the rest of the stuff you actually need to win a fight.

Everyone I know who pays a percentage of purse pays it based on the total purse. I've never heard of anyone paying "a percentage of purse after these other expenses."

I think you guys are confusing taxes with expenses.  What you pay your manager and trainers is just expenses of your fight income.  I would assume your manager gets a percentage of your gross pay and the trainers are paid after that.  Both of those expenses would be deductions from your taxable income though when you actually file and pay your taxes.

10 days ago
5/5/07
Posts: 11524

None of this due

Edited: 10 days ago
9/14/17
Posts: 319

It's a shame that the UFC doesn't offer an in-house or external accoutancy service to fighters.

 

They could broker a deal whereby the accountancy firm offers a hefty discount to fighters but claws that back in volume of custom.

 

Moreover, they would be specialising in one area which would put them a notch above the competition.

 

This might have the effect of taking some of the heat off management for fighter's pay - it would also, naturally, benefit the fighters.

 

They could further offer advice with regard to future financial planning - making sure that fighters have something in the retirement pot for when they hang up their gloves.

 

Win!

 

(maybe I'm West here; just seems like a good idea and wouldn't cost them anything.)

10 days ago
6/20/08
Posts: 4172
CaptainWoody -
Jones right nostril - 
Tug Dabone - 

Since Jan. 1: 110K + 50K FOTN bonus for Oliveira fight; got 58K + 50K FOTN bonus for Luque fight + 15K Reebok = $283K this year. 

Three fights last year: Estimated $175K.

$450K in two years, and he's broke (and suspended). 

 


Also add in any other endorsement deals/sponsors he might have and any other bonuses Dana throws his way (he is one of Dana's favourites). 

He should be living a very comfortable life right now 


Come on...really?

You think he took home 450k the last two years?

minus taxes...35% tax bracket
minus training expenses...(paying Jackson/Wink, Fusion X-Cel)
minus manager (Kawa)
minus probably a few other things we don't know about.


He's probably living off less than 100k a year

Smdh 

10 days ago
9/13/11
Posts: 2723
CaptainWoody -
Jones right nostril - 
Tug Dabone - 

Since Jan. 1: 110K + 50K FOTN bonus for Oliveira fight; got 58K + 50K FOTN bonus for Luque fight + 15K Reebok = $283K this year. 

Three fights last year: Estimated $175K.

$450K in two years, and he's broke (and suspended). 

 


Also add in any other endorsement deals/sponsors he might have and any other bonuses Dana throws his way (he is one of Dana's favourites). 

He should be living a very comfortable life right now 


Come on...really?

You think he took home 450k the last two years?

minus taxes...35% tax bracket
minus training expenses...(paying Jackson/Wink, Fusion X-Cel)
minus manager (Kawa)
minus probably a few other things we don't know about.


He's probably living off less than 100k a year

Living off less than 100k is fine.

That can pay a mortgage etc and still leave you living comfortably. You’d hope guys in his situation are doing that and saving/investing the rest to help in life after fighting. 

10 days ago
1/21/18
Posts: 1644
CaptainWoody -
Jones right nostril - 
Tug Dabone - 

Since Jan. 1: 110K + 50K FOTN bonus for Oliveira fight; got 58K + 50K FOTN bonus for Luque fight + 15K Reebok = $283K this year. 

Three fights last year: Estimated $175K.

$450K in two years, and he's broke (and suspended). 

 


Also add in any other endorsement deals/sponsors he might have and any other bonuses Dana throws his way (he is one of Dana's favourites). 

He should be living a very comfortable life right now 


Come on...really?

You think he took home 450k the last two years?

minus taxes...35% tax bracket
minus training expenses...(paying Jackson/Wink, Fusion X-Cel)
minus manager (Kawa)
minus probably a few other things we don't know about.


He's probably living off less than 100k a year

tax bracket and manager alone is 50% plus training...plus flying those guys out because we know the ufc doesnt do that...He is probably paying out close to 75% of what he takes in....then you get to factor in anything a pro fighter is expected of, like a nutritionist, massage, meals...Honestly no idea how the economics work in this sport. It was one thing when people were just sort of doing it all, but as things get updated and everything becomes more dialed in down to a science, the price goes up. but they havent paid the fighters all that much more at all. Dont get me wrong these guys are good fighters and have been putting on good scraps but the ufc has been lacking buzz for a while now. Thank god for masdivals knee, i think people thought it was no longer a thing.

10 days ago
7/20/13
Posts: 142

Maybe its not that profitable to be a professional fighter. And if he cant make it work he can always go find another job that works for him. I dont like hearing fighters complain about money.. They sign the contracts they chose to fight. 

10 days ago
10/29/12
Posts: 4606
ILKR -

It's a shame that the UFC doesn't offer an in-house or external accoutancy service to fighters.

 

They could broker a deal whereby the accountancy firm offers a hefty discount to fighters but claws that back in volume of custom.

 

Moreover, they would be specialising in one area which would put them a notch above the competition.

 

This might have the effect of taking some of the heat off management for fighter's pay - it would also, naturally, benefit the fighters.

 

They could further offer advice with regard to future financial planning - making sure that fighters have something in the retirement pot for when they hang up their gloves.

 

Win!

 

(maybe I'm West here; just seems like a good idea and wouldn't cost them anything.)

Just put a financial advisor office right in the UFC PI 

10 days ago
1/8/04
Posts: 12744
"Poverty" Mike Perry, IMO...
10 days ago
1/1/01
Posts: 54588
athletes aren't good with money. It's no secret.

And 99% of people don't get rich fighting MMA. Also not a secret. I always laugh at fighters who are surprized at how little they take home. The numbers have been out there for 15 years plus. You should know it advance.
10 days ago
6/29/14
Posts: 1647

Wasn’t he going on about some big trip with his chick?

10 days ago
12/9/13
Posts: 26164
ILKR -

It's a shame that the UFC doesn't offer an in-house or external accoutancy service to fighters.

 

They could broker a deal whereby the accountancy firm offers a hefty discount to fighters but claws that back in volume of custom.

 

Moreover, they would be specialising in one area which would put them a notch above the competition.

 

This might have the effect of taking some of the heat off management for fighter's pay - it would also, naturally, benefit the fighters.

 

They could further offer advice with regard to future financial planning - making sure that fighters have something in the retirement pot for when they hang up their gloves.

 

Win!

 

(maybe I'm West here; just seems like a good idea and wouldn't cost them anything.)

UFC has more control if fighters have less money, they fight more.

your proposal is excellent, but it doesn't serve the UFC businessmodel

10 days ago
6/24/03
Posts: 13159
sureshock -

How is that even possible? How does a pro fighter owe so much taxes? Doesn’t he get paid from coaching as well? Taxes are supposed to cost a small percentage of your income, not 90 percent of your income. 

He probably had a ton of overdue bills. Lots of fighters rack up debt.  When you only fight 2-3x a year you can go long stretches of time without any income.

9 days ago
1/1/01
Posts: 1801

If he was smart (which he's not) he'd have a financial adviser like yesterday. It's crazy not too.

9 days ago
1/1/01
Posts: 25293
ttt
9 days ago
9/14/17
Posts: 320
Morpheus1976 -
ILKR -

It's a shame that the UFC doesn't offer an in-house or external accoutancy service to fighters.

 

They could broker a deal whereby the accountancy firm offers a hefty discount to fighters but claws that back in volume of custom.

 

Moreover, they would be specialising in one area which would put them a notch above the competition.

 

This might have the effect of taking some of the heat off management for fighter's pay - it would also, naturally, benefit the fighters.

 

They could further offer advice with regard to future financial planning - making sure that fighters have something in the retirement pot for when they hang up their gloves.

 

Win!

 

(maybe I'm West here; just seems like a good idea and wouldn't cost them anything.)

UFC has more control if fighters have less money, they fight more.

your proposal is excellent, but it doesn't serve the UFC businessmodel

Ah...good point. I didn't think about Dana's hunger games.

9 days ago
4/16/11
Posts: 818
sureshock -

How is that even possible? How does a pro fighter owe so much taxes? Doesn’t he get paid from coaching as well? Taxes are supposed to cost a small percentage of your income, not 90 percent of your income. 

He’s not even seeing half of that money. It’s all going to management and taxes. It’s basically a middle class living in Southern California. It’s pretty much paycheck to paycheck. If that. 

9 days ago
4/16/11
Posts: 819
nobones -
sureshock -

How is that even possible? How does a pro fighter owe so much taxes? Doesn’t he get paid from coaching as well? Taxes are supposed to cost a small percentage of your income, not 90 percent of your income. 

He probably had a ton of overdue bills. Lots of fighters rack up debt.  When you only fight 2-3x a year you can go long stretches of time without any income.

Exactly your pain whatever country you’re fighting in stacks sometimes state tax also federal tax Social Security management fees then you have rent food and living expenses and if you’re only fighting two to  three times a year at best that ain’t shit you might as well get a real job

9 days ago
11/20/08
Posts: 2018

Ttt for the 30 for 30 later