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We aware we just gave 800k to a bball player?

Jedi Master Cane said:
Absolutely. Fees paid for contractual services to be rendered. The service in this example is the use of the kid (or his likeness) for advertising and promotion. Unless the kid has created (and is operating within ) a corporate structure, he would need to be personally 1099'd and thus would be on the hook to declare that income as self employed income on his own personal tax return.

Bottom line, and this is usually the case across the board with regards to US tax law, if someone has to claim the proceeds as income....someone (the person that shelled out the proceeds) gets to likewise claim the corresponding payment as an expense on their end. That other end would be John Ruiz's company in this example.
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So Ruiz gets LifeWallet exposure amongst the demographic least interested in thinking about their health and anyone who follows college sports, while also helping his alma mater financially and writing NIL payments off on his taxes? Pretty brilliant!

Interesting how people who say he's an attention ***** never knew about him before he started dropping serious bags. This dude is a salesman and innovator. No LifeWallet press is bad press for him.
 
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Andrew said:
If he gives CIS 800k then i would make every ad on this site an advertisement for Life Wallet for a year.
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If he gave CIS 800k, I would pay my ad free fee and still ask to still see said life wallet advertisements only
 
Brooklynricc said:
I think life wallet has become a collective of companies and these announcements are multiple deals not 1 company paying out the entire $400k yearly.
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Incorrect life wallet is life wallet. There are other players, but they’re on their own.
 
Jedi Master Cane said:
Absolutely. Fees paid for contractual services to be rendered. The service in this example is the use of the kid (or his likeness) for advertising and promotion. Unless the kid has created (and is operating within ) a corporate structure, he would need to be personally 1099'd and thus would be on the hook to declare that income as self employed income on his own personal tax return.

Bottom line, and this is usually the case across the board with regards to US tax law, if someone has to claim the proceeds as income....someone (the person that shelled out the proceeds) gets to likewise claim the corresponding payment as an expense on their end. That other end would be John Ruiz's company in this example.
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It’s actually a very simple setup. The athletes are employed by life wallet. They get a check every two weeks. Taxes are taken out for the players and paid on the company side too. They are not independent contractors. So yes, employees are an expense. As for return on investment, how many of you knew Life Wallet before NIL. This is the only form of advertising they’re doing. Guess what, it’s working 🤫 https://www.lifewallet.com/LifeWallet/
 
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www.lifewallet.com

The link above if for Life Wallet. Maybe look and see what it’s about.

Love Miami or hate Miami, you’re going to know what Life Wallet is and you’re probably at some point going to pay for their services. I’m guessing they have competition, but I’ll never know… Does anyone know how expensive advertising is? He’s saved an insane amount of money on advertising. Every time they sign a kid it’s big news across every medium and it’s free 😳 again and again and again and again and again. He’s even spreading the expense over 52 weeks 😂 it’s the gift that keeps giving

 
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I just think or all the non-profit organizations that generate hundreds of millions in “tax write offs” for the big corporations, and assume this is the same thing. The benefit for them is they get to actually SEE their investment work out for them, plus they still get the full benefits of the tax breaks.
 
TheOriginalCane said:
If everything is structured properly (you document the nature of the business expense, you 1099 the kid, etc.), then yes.

Down the road, might the IRS question the company on the VALUE of the deduction? Possibly. But if the arrangement is contractual and states it is for marketing/PR/endorsement type services, then it is a valid business expense and can be deducted.
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Well said. It is a gray area though. The deduction valuation would get tricky very fast.
 
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scrantoncane said:
I couldn’t care less about how Ruiz spends his money.

But why TF does he have to tag all his kids in every single ******* post?!

Annoys the **** out of me.
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I'd probably say you're either doing pretty good (or maybe pretty bad) if THAT is what annoys you on the Twitter machine.

The reason he tags them is because he wants their social media imprint to grow too when one of his tweets blows up. It's not necessarily just (or even necessarily) because he's trying to be a good dad or something like that but because they work for him and tweet about the businesses. The larger audience for their posts = more exposure for his business.

We need to stop viewing Ruiz like Shapiro or even a normal booster and start viewing him as a guy in a business relationship with these kids. THIS stuff is part of the "return" on his money. And it's possible the guy has committed around $5 mil so far on NIL deals so I personally don't care what da fugg he does on social media. Do moarrrr....just keep that (Life)wallet wide open like Candi Fisher's legs!
 
This is what billionaires are supposed to do...create sham companies to funnel money to your favorite college football team so that they can compete nationally in 2022.

If all billionaires had this dedication and good will to the plight of the common man instead of funneling money into Washington or corrupting a government's politics we'd be a much better world.

This guy was literally ****posting online with the rest of us before COVID, had some genius idea to make billions and get in cahoots with the feds and funnels that unlimited amount of money doing the same exact think anyone here would be doing if they suddenly got billions of dollars and he's able to do it legally and posts it all publicly for our consumption.

Life is good for Miami Hurricanes and life can be good for you with LifeWallet. Access, store, and share all of you medical insurance claims, immunizations, medications, and clinical information with emergency responders and healthcare professionals 24/7 in LifeWallet's convenient, easy to use software. Visit LifeWallet dot com for more information.

(the first ad was free John, DM me and lets talk business)
 
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Pearson704 said:
So Ruiz gets LifeWallet exposure amongst the demographic least interested in thinking about their health and anyone who follows college sports, while also helping his alma mater financially and writing NIL payments off on his taxes? Pretty brilliant!

Interesting how people who say he's an attention ***** never knew about him before he started dropping serious bags. This dude is a salesman and innovator. No LifeWallet press is bad press for him and his advertising..
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Oh I knew about him, been reading about the foreclosures against him for years. Where there is smoke....
 
TheOriginalCane said:
That would suck for the ***-cruise industry...
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You know why certain banner ads pop up…right
If You Say So Reaction GIF by Identity
 
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