I am a boxing manager: if you have questions about the boxing biz, ask!

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.

 

There is if you have a tax(manager or someone else) who has a tax number.

 

Almost extinct, Pavlik is about the best.

 

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.

 

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.

 

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.

 

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.

 

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.