Getting Better...
- Thread starter Dimeball
- Start date
If that's gross before expenses that's not very good.
SlateMan
Registered
It would be amazing to see the "net" and not just the gross. I would imagine travel costs eat up much of this amount.
Just speculating, I bet the declared net taxable income is 15.3664% of the monies earned……
A few guys make 80-120/yr in sponsor money. That’s a very short list. This is passive income. Not guys selling their own wears(they make a bit more)
Most make far less
Back before 08 there was a couple guys making just under 200/year in sponsor money. In 08 it really dried up for most players and it has never fully returned.
I’m not naming names
Best
Fatboy
SlateMan
Registered
As a CPA, I would be on your side of that bet.
I arrived at that number by thinking about a few directors who might withhold some monies against the players will. Usually no $ is with held so it could be a tad lower actually.As a CPA, I would be on your side of that bet.
Show me a pool player who pays taxes and I’ll show you someone who isn’t a pool player.
That how it really works. 99.68374% if the time.
Best
Fatboy <———pays his taxes, hmmmm
Zerksies
Well-known member
If you want to think about taxes. I'd find a way to write off money not given in tournament winnings from deadbeat directors.I arrived at that number by thinking about a few directors who might withhold some monies against the players will. Usually no $ is with held so it could be a tad lower actually.
Show me a pool player who pays taxes and I’ll show you someone who isn’t a pool player.
That how it really works. 99.68374% if the time.
Best
Fatboy <———pays his taxes, hmmmm
That used to happen way too often. Horrible
And yet a computer engineer starts off at $130K, and does not have to travel, or for that mater, practice.
That's why Pat Fleming's Make It Happen tournaments were so great. The players had no expenses and got $1000 for each match they won, and added prize money for the tournament. I contributed for a number of years, but had to stop when my income became tight. I still have a lot of the best DVD from those tournaments, 14.1 and 8-Ball.
-dj
-dj
I get that, but, the point is go back 5,10, or 15 years ago, and what maybe 5 guys and Allison were in this range... all I'm saying is that it currently appears better
Dont they have to get a 1099 by law?I arrived at that number by thinking about a few directors who might withhold some monies against the players will. Usually no $ is with held so it could be a tad lower actually.
Show me a pool player who pays taxes and I’ll show you someone who isn’t a pool player.
That how it really works. 99.68374% if the time.
Best
Fatboy <———pays his taxes, hmmmm
If you make more than $600 from a specific group. Since the artistic pool division is an LLC, anyone who makes more than $600 in tournament winnings in a year I have to send a 1099 to. So if you a player won $50,000 total playing in the predator events, then they should get a 1099 from Predator.
Pool has a very long way to go- the most recent LPGA event two weeks ago here in Florida- first prize $2million - LAST PLACE woman golfer was paid $60K-- that is just ONE event.
The accountant of the farmer that leases 12 acres of my land, called me up last Feb to ask for my tax # as she was sending me a 1099 for a lousy $720 I charge him per year. He used to just pay cash. Told her I didn't have a tax #, and wasn't getting one as I wasn't a business and would just claim it as hobby income. That 1099 cost me $110 extra last year as we used to just do the free online taxes, and because of the 1099, we had to pay $110 extra for the different level of tax forms. There are hidden costs in these 1099's if you just have a simple tax return with no deductions.
SlateMan
Registered
I wonder how long it will be until more former PGA players transition to the LPGA events?