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Old 01-07-2013, 07:33 PM   #106
dempsey1234
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So do US fighters pay an additional tax rate after the 30% based on their income? Is that 30% the flat rate for all boxers?
US fighters dont have income tax deductions from their purses unless they owe the taxman. They have til April 15th to sort out what they owe the goverment. I believe the tax rate for regular fighters is around 20% if you have deductions you may have a return coming. I believe in some cases most foreign fighters get a refund again depending on their income for the year.
The flat 30% is the deduction the goverment takes from foreign fighters.
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Old 01-07-2013, 07:34 PM   #107
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Is there anyway around this tax grab? Like if the money went to the fighter's manager through a different channel/label, like a consulting fee?
There is if you have a tax(manager or someone else) who has a tax number.
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Old 01-07-2013, 11:02 PM   #108
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The problem isn't racism is who buys tickets, next time you go to a fight see who is buying the tickets, chances are they are white, hispanic and then black. Even among hispanic's it's different, the biggest ticket sellers are Mexican's, and Puerto Rican. Dominican's, Cuban's dont seem to support their guys. Boxing is a business the only color they see is green. Ward does have support in his hometown. Both M. Ward and Gatti put together didn't make anywhere near what Mayweather makes. So it really depends on the guy.
Yes, this is true but Floyd mayweather is 25x the fighter Mickey Ward and Gatti are! If we had one of those guys as good as Floyd they probably would make just as much if not more. If mayweather was at the Gatti or Ward level he wouldn't have made nothing. If ward was black he may have been one and done on HBO!

Good white american fighters are very rare!
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Old 01-08-2013, 03:01 AM   #109
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Yes, this is true but Floyd mayweather is 25x the fighter Mickey Ward and Gatti are! If we had one of those guys as good as Floyd they probably would make just as much if not more. If mayweather was at the Gatti or Ward level he wouldn't have made nothing. If ward was black he may have been one and done on HBO!

Good white american fighters are very rare!
Almost extinct, Pavlik is about the best.
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Old 01-08-2013, 03:45 AM   #110
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Honestly is boxing even worth doing anymore?
I mean the amount that gets taken is craaaaazy.
I pray that fighters can at least deduct expenses like training camps, promoter/ managers fees from their taxes?

Seriously how do boxers even make a living anymore?
I was seriously thinking of trying my luck in boxing but this shit is depressing.
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Old 01-08-2013, 11:58 AM   #111
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Honestly is boxing even worth doing anymore?
I mean the amount that gets taken is craaaaazy.
I pray that fighters can at least deduct expenses like training camps, promoter/ managers fees from their taxes?

Seriously how do boxers even make a living anymore?
I was seriously thinking of trying my luck in boxing but this shit is depressing.
Dont be depressed, those are isolated cases it doesn't happen to everybody and it's easily preventable. Educate yourself, know your rights if need be learn to read a contract. They are written in plain english and spell out what can or cannot be done. What happens is fighters just want to hear the numbers in a contract and thats all they look at.
To answer your question is it worth it? It is if thats what you really want to do. Not everyone is cut out for the boxing or MMA life, it's alot of sacrifices few make it, many fall by the wayside, but ask those who through hardwork reach the highest levels, is it worth it, yes it is.
On the tax thing, ny expense related to your boxing career, is deductable, your travel(gas mileage) to and from the gym or to go spar. If you pay for sparring, training camp, equipment, gloves, shoes, tape, gauze, whatever you use for your boxing career, that includes, gym dues, whatever you pay anyone to train you, your trainer, manager, S&C guy, your licenses, there is no fee you have to pay a promoter. Ck with your local tax office and they can tell you exactly what you can or cannot do.
All those guys who got taken, never read the contract or didn't understand it. All those guys needed was somebody who understood the business and it would have saved them awhole lot of money.
Hope that was helpful, educate yourself or seek someone who can help.
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Old 01-08-2013, 09:20 PM   #112
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Bout the capping some trainers dont want to hear stuff, they want their 10%. A fighter, and most trainers will hate this, when a fighter reaches that level, and the 10% becomes 500k, well thats a diffferent story. The trainers cut is then negotiated. Both parties have to be fair to each other. Some trainers and S&C guys now are requiring a contract, which I wouldn't advise my guys to sign.
You may not want to tell this to your fighters , but does the capping of pay also apply to managers aswell?
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Old 01-08-2013, 10:30 PM   #113
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Dont be depressed, those are isolated cases it doesn't happen to everybody and it's easily preventable. Educate yourself, know your rights if need be learn to read a contract. They are written in plain english and spell out what can or cannot be done. What happens is fighters just want to hear the numbers in a contract and thats all they look at.
To answer your question is it worth it? It is if thats what you really want to do. Not everyone is cut out for the boxing or MMA life, it's alot of sacrifices few make it, many fall by the wayside, but ask those who through hardwork reach the highest levels, is it worth it, yes it is.
On the tax thing, ny expense related to your boxing career, is deductable, your travel(gas mileage) to and from the gym or to go spar. If you pay for sparring, training camp, equipment, gloves, shoes, tape, gauze, whatever you use for your boxing career, that includes, gym dues, whatever you pay anyone to train you, your trainer, manager, S&C guy, your licenses, there is no fee you have to pay a promoter. Ck with your local tax office and they can tell you exactly what you can or cannot do.
All those guys who got taken, never read the contract or didn't understand it. All those guys needed was somebody who understood the business and it would have saved them awhole lot of money.
Hope that was helpful, educate yourself or seek someone who can help.

K thx man. Turns out your a chill guy after all. Just cool it with the S&C trainers lol.
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Old 01-08-2013, 10:59 PM   #114
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You may not want to tell this to your fighters , but does the capping of pay also apply to managers aswell?
Here 'tis when a manager and a fighter first make a deal, they each have to sign a contract, it's advisable that you each understand what the deal is. The fighter agree's to pay the manager a certain % for however long the contract is. Now let's say, the agreement/contract between fighter and manager expires. Always remember everything is negotiable, the fighter might say how bout you taking less of a cut, the manager can either agree or not agree. The fighter might dump the manager if he wanted to.
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Old 01-09-2013, 12:31 AM   #115
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K thx man. Turns out your a chill guy after all. Just cool it with the S&C trainers lol.
Will do, thank you. One of the worst things in life is regret, something that you could have done in your younger days but didnt for whatever reason then when it's too late you will know what regret really means.
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Old 01-09-2013, 02:32 AM   #116
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How common is it for promoters to bounce checks to fighters? Who is the best promoter in the business to deal with? Who is the worst? If there was one fighter in boxing you could manage who would it be?
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Old 01-09-2013, 11:53 AM   #117
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How common is it for promoters to bounce checks to fighters? Who is the best promoter in the business to deal with? Who is the worst? If there was one fighter in boxing you could manage who would it be?
In boxing it happens, check with your local state boxing commission they should have a promoters history on record and that is public info. To me it's Top Rank, they pay the best. Don King, is probably the worst, his contracts are full of legal BS. There really isn't one guy, I like to raise guys from scratch.
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Old 01-10-2013, 02:14 AM   #118
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What kind of legal BS does Don King use?
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Old 01-10-2013, 03:19 AM   #119
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What kind of legal BS does Don King use?
The Don King contract has all kinds of clauses covering every possible situation in boxing it seems protecting him. You have to give him credit though on every page it tells you that you should have an attorney review the contract.
Look the promoter has every right to make a profit and to protect himself and it should be no surprise that they want to make as much money as possible, by the same token the fighter has the same agenda, he wants to make as much money as possible and protect himself. So knowing that, the fighter needs to think before he signs anything cos once you sign you are married. Guys please protect yourselves, read the contract and if something is not clear then ask questions.
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Old 01-11-2013, 09:39 PM   #120
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In the US, a fighter from overseas or Mexico gets clipped for 30% and is taken out of the purse before the fighter gets his. Let's say the purse is 1000, the taxman comes along and grabs 300, leaving the fighter with 700, out of which the fighter has to pay 100 to the trainer, leaving him with 600. The fighter still has to pay the taxes on that income to his home country. In the US they tax you based on income. A guy like Floyd pays taxes at a higher rate.
Do you know of any situations where the manager and trainer get paid on the net purse (after taxes)? Or do they always get paid on the net purse?
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