Jayson Shaw is looking for a tournament backer
- Thread starter cleary
- Start date
yes, I realize that and that's why I said in my first post that there are only a handful of players that would actually have to pay any taxes if they accurately reported.
It's basically a no win financial decision unless it's SVB that wants you to back him.
Which is why despite the OP stating that Shaw is not looking for a handout, I fail to see how he could be asking for anything else?
This could make financial sense if the backer limits his investment to local open/pro tournaments. Shallower fields mean that Shaw has a better chance of snapping it off and the expenses would be limited to entry and gas.
Once you add in airfare/hotel and a deep, major tournament level field, the purses just aren't big enough for a backer to make money on this.
Once you add in airfare/hotel and a deep, major tournament level field, the purses just aren't big enough for a backer to make money on this.
So if I am a salesman and take a client out to dinner and it costs me $300, can I write off the entire $300?
The short answer is, Yes... But, technically, you have to discuss pertaining business while doing so. And to actually cover your bases in case of a future audit, you are (again) technically required to keep detailed records, such as the date, costs, business matters, location, and who it was with...
Yes and no. You can write off $300 but the IRS only allows a 50% write off for entertainment.
I believe it is feasible for someone to sponsor a player and write off that investment were it formulated properly. I would think there would need to be a written agreement, the player would need to provide receipts for the travel expenses and entry fees to the backer. Since it is possible if not likely this would end up as a loss, you could claim the loss for x number of years (I don't remember if it is 3 or 5 years before you have to show a profit). The easiest way to do this would be to form an LLC with Shaw and the Backer being the partners.
Probably TMI but it does make the investment consideration a little better with the opportunity to write off the loss.
They cut down the food/beverage portion of entertainment expenses to only 50% many years ago. You write off only $150.
If, however, you have an annual office party or meet with an employee and pay the bill, it's 100% deductible. If you buy yourself lunch on a business road trip, 100% deductible.
The rule of thumb on business expenses is "ordinary and necessary expenses" in the conduct of a business. The "3 martini lunch" 100% deduction was reduced under Reagan, I believe.
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Unless it was changed, same in Canada. You can run a loss for 3 years before you have to show a profit.
Being a truck driver for years, I was allowed a certain amount of money per day for food allowance. Probably not much different for a traveling business person and also different for entertainment.
So, wasn't eating steak and lobster every night.
Guess it depends on how good your accountant is. I have had a couple of shitty ones.
If you are going to back a player, after 3 years, and even before, you will know whether
it will or has paid off.
Not much different than investing in a race horse. Lots do it just so they can play in the race horse biz, knowing full well that they ain't going to make anything in the long run.
If one has a ton of money that you can burn, no problem.
I tend to invest in my pleasure and not someone elses.
One way to do it is to drive or lease a taxi per shift. Percentage or anything is yours after lease and fuel is paid. Decent tips. Bust your butt 6 days a week and when a tournament comes along, take time off and go.
Of course, who is going to do that. Too much like work.
After I finish Physio in 2 months, I also will be looking for a backer to send me to Cuba for 2 weeks before I return to work.
Any takers?
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I will always remember when John Schmidt came on AzBilliards Discussion Forum in 2006 asking for someone or a group to stake him at the upcoming U.S. Open 9-Ball Championship, and by golly, he won.
That is probably the exception rather than the rule, but it sure was cool!
In the professional pool player's world, the deductions are many. These deductions, however, are a red flag for an IRS audit. In this regard, it is best to save every single receipt and let a professionial tax preparer prepare the tax returns, as the laws do change in the 70,000-plus page Tax Code from year to year.
Jayson Shaw may be worthy of financial assistance in this fractured pool industry, but as most AzBilliards "regulars" know, you must come in first, second, or third to break even in most events. This is a tough nut to crack for anyone.
I read recently that Johnny Archer and Dennis Hatch are giving lessons in New Jersey area before the commencement of the Super Billiards Expo. This is a novel way to cover expenses. Johnny and Dennis have a brand name in our little professional pool world, known only to us pool aficionados, but they have credibility as far as giving lessons and exhibitions, et cetera.
Jayson Shaw is a name I have read about frequently, but I don't know much about him at all. I don't even know what he looks like, much less how strong he plays or what his personality is. This is the problem with professional pool in that most players may be known in their neck of the woods or regions, but outside of that, they remain an unknown entity.
When Mike Dechaine first start climbing up the pool totem pool, he developed a website to brand his name, so people would know who he is.
It is obvious that Jayson Shaw must be one of the good guys for Cleary to come on AzBIlliards on his behalf. I would respectfully suggest that Jayson Shaw, with the assistance of Cleary, et al., develop his brand name and reach out to the pool public. Charity events, exhibitions, lessons, a website, YouTube video, and social media is one way that will attract attention to him and end up with funding. More people might be willing to step up if they were more familiar with the Jayson Shaw brand.
I wish Jayson Shaw all the best in these difficult economic times in professional pool today.
That is probably the exception rather than the rule, but it sure was cool!
In the professional pool player's world, the deductions are many. These deductions, however, are a red flag for an IRS audit. In this regard, it is best to save every single receipt and let a professionial tax preparer prepare the tax returns, as the laws do change in the 70,000-plus page Tax Code from year to year.
Jayson Shaw may be worthy of financial assistance in this fractured pool industry, but as most AzBilliards "regulars" know, you must come in first, second, or third to break even in most events. This is a tough nut to crack for anyone.
I read recently that Johnny Archer and Dennis Hatch are giving lessons in New Jersey area before the commencement of the Super Billiards Expo. This is a novel way to cover expenses. Johnny and Dennis have a brand name in our little professional pool world, known only to us pool aficionados, but they have credibility as far as giving lessons and exhibitions, et cetera.
Jayson Shaw is a name I have read about frequently, but I don't know much about him at all. I don't even know what he looks like, much less how strong he plays or what his personality is. This is the problem with professional pool in that most players may be known in their neck of the woods or regions, but outside of that, they remain an unknown entity.
When Mike Dechaine first start climbing up the pool totem pool, he developed a website to brand his name, so people would know who he is.
It is obvious that Jayson Shaw must be one of the good guys for Cleary to come on AzBIlliards on his behalf. I would respectfully suggest that Jayson Shaw, with the assistance of Cleary, et al., develop his brand name and reach out to the pool public. Charity events, exhibitions, lessons, a website, YouTube video, and social media is one way that will attract attention to him and end up with funding. More people might be willing to step up if they were more familiar with the Jayson Shaw brand.
I wish Jayson Shaw all the best in these difficult economic times in professional pool today.
NYC cue dude
Banned
Currently, without the backer getting a lopsided percentage, this is a guaranteed losing proposition based on a 12 month engagement. This is presuming that this would cover the 4 or 5 important international events like the china open, World 9 ball, Japan open, etc. The backer would have to be receiving the lions share of a 75-25% split for a chance to be profitable. Not very fair for Jayson.
JAM mentioned JS and his US open 9 ball win. John entered that event not even in the top 10 to win. His championship play was an aberration of the highest magnitude. With that said, I'm still really glad he snapped it off :thumbup:
JAM mentioned JS and his US open 9 ball win. John entered that event not even in the top 10 to win. His championship play was an aberration of the highest magnitude. With that said, I'm still really glad he snapped it off :thumbup:
Reflect your concerns in your offer then
Writing is On the wall Young Man
Years ago when I was Jason's age, with some college behind me I looked at the US and chose a place to live/workout/play all the time, and get into a field of work that I might and did enjoy. I built up my finances, worked out five days a week running from the Queen Mary to the Belmont Shore Pier and back in the soft sand for Five years. During this time I improved my game dramatically, accumulated Money, a wife and my freedom from needing others to help me with direction in MY life. He's at the perfect age to get this all going, as anyone with his talents has many other. If he was to take advantage of this NOW, he will bear the fruits later in life. For him to not take advantage of this during his prime years, he'll be lucky later in life to feel good about who he is, or build a nest egg of some type for himself for his later years.
If your his helper or enabler, I'd let him read this.
''words to the wise''
Years ago when I was Jason's age, with some college behind me I looked at the US and chose a place to live/workout/play all the time, and get into a field of work that I might and did enjoy. I built up my finances, worked out five days a week running from the Queen Mary to the Belmont Shore Pier and back in the soft sand for Five years. During this time I improved my game dramatically, accumulated Money, a wife and my freedom from needing others to help me with direction in MY life. He's at the perfect age to get this all going, as anyone with his talents has many other. If he was to take advantage of this NOW, he will bear the fruits later in life. For him to not take advantage of this during his prime years, he'll be lucky later in life to feel good about who he is, or build a nest egg of some type for himself for his later years.
If your his helper or enabler, I'd let him read this.
''words to the wise''
Well shit, bill. When you said you wanted to be a pool player and the said ',run', I don't think they meant for you to go jogging.
A lot of times if you're backing a guy at a tournament, you didn't travel with them. You can pay entry, flight, hotel from anywhere. If you're backing them in action, you'll be there.
Someone that will back him in action is even better.
I believe it depends on what kind of sales you are doing and just how much you want the IRS looking into it. You can write off anything you want, you just have to explain any irregularities if they come calling. I'm not an accountant, but I file a ton of different taxes every year.
Choices
He's at such a good point in life, and there's so much MORE to learn about the game and Himself, while he works and creates his future path. If something good is going to happen to professional pool, the next five years is when its likely to take place. And if he's not even thirty by then he'll have allot of good playing years ahead of em. During my time, there was Allot of West coast action, and the Knock took time to play out, nowadays, it takes just one phone camera shot. Like Shane McMinn or Justin Bergman & Jesse Bowman and many others from that McMinn era, Justin seems to have taken a course that has led him to a better place than many of his peers, and Jesse has a child. When I traveled and played all over, I tended bar to gain income, got place to stay and developed relationships in different states, as I floated thru life in my youth.
He's at such a good point in life, and there's so much MORE to learn about the game and Himself, while he works and creates his future path. If something good is going to happen to professional pool, the next five years is when its likely to take place. And if he's not even thirty by then he'll have allot of good playing years ahead of em. During my time, there was Allot of West coast action, and the Knock took time to play out, nowadays, it takes just one phone camera shot. Like Shane McMinn or Justin Bergman & Jesse Bowman and many others from that McMinn era, Justin seems to have taken a course that has led him to a better place than many of his peers, and Jesse has a child. When I traveled and played all over, I tended bar to gain income, got place to stay and developed relationships in different states, as I floated thru life in my youth.