Search results

Leave it to MackBammer to bump a 2-month-dead thread just to post some more of his worthless stat lines.

I guess 13.3% state income tax isn't so bad, now... Swimmin' pools...movie stars...

Florida is a bit different. In Florida, if you incorporate as an LLC or make an S-corp election, the income goes to the INDIVIDUAL, and you don't pay taxes. HOWEVER, Texas "disregards" disregarded entities. So even if you have an LLC, you still have to file what is CALLED a Texas "franchise"...

We really need to dispense of this nonsense. While it may be true on the individual income tax side (and we have no idea of the timing of his payments, but it's entirely possible that he won't get all the money in 2022), if Addison incorporates a business entity to handle his "brand", then he...

This is why we don't rely on you to think.

Can we put you in a foot lineup with Deion?

Depends on the jurisdiction, since all 50 states have different rules and prices for incorporation (generally, including LLC formation). I often help people with setting up Florida entities, and the "paperwork" and pricing differences between an LLC and a C corp are minimal (at formation). One...

:100: Waaaah, waaaaah, Akron and LaTech "got nothing" for having developed talent, only to lose it to Pitt. WAAAAAAH, WAAAAAAH...

I'm not disagreeing with what you are saying. I'd just point out that many people put all the emphasis on the "offer" as being the motivator for a kid to switch schools. But from the various things I've heard, the vast majority of these Portal kids are SELF-motivated to leave. Now, it's true...

I've made this argument many many times over the years. LLCs - no bueno. S-corps - far superior. Pay yourself a reasonable salary from an S-corp, then your K-1 earnings and your distributions are NOT subject to SE tax. Little-known pro tip.

Valid and relevant points. I was also referring to deductions for things like the percentage he pays to his NIL agent, and any relevant expenses that he can associate with his business (accounting & tax fees, travel/mileage, phone and laptop, etc.).

Saban shoots you with a gun. As you are bleeding out, someone tosses you a guy to defend yourself. Saban blasts you five more times, and then says "see, I warned you not to play with guns". Seems reasonable. Definitely accurate.

No doubt, USC fans/boosters probably circulated the "2M plus a house" to scare everyone off, same as Warchant saying that Mims had picked F$U.

Service academies are actually "the federal government". And the deal with admission to a service academy (which is free to all, not just the athletes) is that you have to serve for a certain number of years in that branch of the military. So there are valid reasons for the service academy...

You get one free transfer. After that, you have to sit out a year every time you transfer.

Agreed. I'm not saying it's "nothing". Unless he picks a school in FL, TX, TN, or WA, he is likely to pay SOMETHING in state taxes, even if it's not $120K.

Let's try not to use the Forbes income tax calculator, shall we? First, he will not get $2M all in one year. He just won't. Second, he can take deductions, and while that is still money "out of his pocket", it's money that reduces his tax bill. Third, the Federal amount is probably...