Bunker Mentality
Junior
- Joined
- Jan 16, 2016
- Messages
- 7,470
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!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.
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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