PRO SPORTS
Minimizing tax liability.
Maximizing wealth accumulation.
Our tax analysis reveals how professional athletes could
SAVE SEVEN FIGURES IN TAXES, even if they have a CPA.
PRO SPORTS
Minimize tax liability.
Maximize wealth accumulation.
Our tax analysis reveals how professional athletes could
SAVE SIX FIGURES IN TAXES,
even if they have a CPA.
A professional athlete is married and together they have 4 kids under 18.
• The wife is a stay-at-home mother
• The husband makes $5 million per year in W-2 income
• Additionally, the husband earns $750,000 in 1099-Misc. endorsements
• The couple wants to purchase 2 rental properties during the tax year
_________________________________________
TAXES OWED: $2,153,714
scroll for seven Tax Reduction Strategies
CASE STUDY: A PRO ATHLETE'S SCENARIO
CASE STUDY: A PROFESSIONAL ATHLETE'S SCENARIO
A professional athlete is married and together they have 4 kids under 18.
• The wife is a stay-at-home mother
• The husband makes $5 million per year in W-2 income
• Additionally, the husband earns $750,000 in 1099-Misc. endorsements
• The couple wants to purchase 2 rental properties during the tax year
_________________________________________
TAXES OWED: $2,153,714
scroll for seven Tax Reduction Strategies
STRATEGY #1
$112,500
Savings in self-employment tax
Schedule C to S Corp
Federal Tax Savings: $41,625
State Tax Savings: $4,781
- Eliminates $750,000 in profits from being subject to the 15.3% Self-Employment Tax.
- Taxpayer will take a reasonable salary of $200,000.
STRATEGY #2
$275,000
Tax-deferred investment
Defined Benefit Plan
State Tax Savings: $11,688
- Retirement plan with a contribution of $275,000 into a defined benefit plan.
STRATEGY #1
$112,500
Savings in self-employment tax
Schedule C to S Corp
Federal Tax Savings: $41,625
State Tax Savings: $4,781
- Eliminates $750,000 in profits from being subject to the 15.3% Self-Employment Tax.
- Taxpayer will take a reasonable salary of $200,000.
STRATEGY #2
$275,000
Tax-deferred investment
Defined Benefit Plan
- Retirement plan with a contribution of $275,000 into a defined benefit plan.
STRATEGY #3
$58,400
Deduction
Paying the Kids
Federal Tax Savings: $21,608
State Tax Savings: $2,482
- Each of the four children will be paid a yearly salary of $14,600.
- Individual standard deduction is $14,600, meaning they will receive the salary tax-free.
- Preferred Option: Contribution into Roth of $7,000.
STRATEGY #4
$98,000
Deduction
Private Rental Strategy
Federal Tax Savings: $36,260
State Tax Savings: $4,165
- Private rental tax-free reimbursement.
STRATEGY #3
$58,400
Deduction
Paying the Kids
Federal Tax Savings: $21,608
State Tax Savings:
$2,482
- Each child will be paid yearly salary of $14,600.
- Individual standard deduction is $14,600; they will receive the salary tax-free.
- Preferred Option: Contribution into Roth of $7,000.
STRATEGY #4
$98,000
Deduction
Private Rental Strategy
Federal Tax Savings: $36,260
State Tax Savings:
$4,165
- Private rental tax-free reimbursement.
Pro Athlete's
Tax Savings Scenario
This tax analysis is for pro athletes who are:
- Prepared to seize command of their financial destiny…
- Exhausted from funneling tens of thousands of dollars to the IRS instead of channeling it towards retirement savings
- Eager to embrace empowerment through tailored strategies crafted with athletes in focus
- Desiring liberation from feelings of entrapment or stagnation
- Primed to reclaim control and initiate a journey towards empowerment!
Pro Athlete's
Tax Savings Scenario
This tax analysis is for professional athletes who are:
- Prepared to seize command of their financial destiny…
- Exhausted from funneling tens of thousands of dollars to the IRS instead of channeling it towards retirement savings
- Eager to embrace empowerment through tailored strategies crafted with athletes in focus
- Desiring liberation from feelings of entrapment or stagnation
- Primed to reclaim control and initiate a journey towards empowerment!
Minimize liabilities. Maximize wealth.
STRATEGY #5
AUTO
EXPENSE
$148,000
Deduction
Federal Tax Savings: $54,760
State Tax Savings: $6,290
Athlete purchased $185,000 luxury vehicle for business, during the Tax Year.
80% of vehicle can be written off.
STRATEGY #6
INVESTMENT PROPERTY
$2,500,000
Purchase price
92% deduction in year one,
on initial investment.
STRATEGY #7
ITEMIZED DEDUCTION
$1,250,000
Income reduction
$50,000 minimum contribution
Remainder carried forward
- TAXES OWED -
BEFORE MATTHEW JAMES TAX PROS
$2,153,714
WITH MATTHEW JAMES TAX PROS
$1,733,216 Saved
80% Reduction
STRATEGY #5
$148,000
Deduction
AUTO
EXPENSE
Federal Tax Savings: $54,760
State Tax Savings: $6,290
Physician purchased luxury SUV for business, for $185,000 during the Tax Year. 80% of vehicle can be written off.
STRATEGY #6
$2,500,000
Purchase price
INVESTMENT
PROPERTY
Federal Tax Savings: $925,000
State Tax Savings: $106,250
92% deduction in year one, on initial investment, using accelerated depreciation.
10-year return on investment.
STRATEGY #7
$1,250,000
Income reduction
ITEMIZED
DEDUCTION
5 : 1 Medical Donation
[limited to 50% AGI]
$50,000 minimum contribution
Remainder carried forward
TAXES OWED
BEFORE MATTHEW JAMES TAX PROS
$2,153,714
WITH MATTHEW JAMES
TAX PROS
$1,808,949 Saved
96% Reduction
A glimpse of the Matthew James Tax Pros Approach: IDENTIFY TAX DEDUCTIONS DISCOVER LEGAL ENTITY STRUCTURES UNCOVER UNKNOWN STRATEGIES HARNESS EXCLUSIVE TAX PLAN
The Matthew James Tax Pros Approach: IMPLEMENT TAX DEDUCTIONS FIND ENTITY STRUCTURES UNCOVER UNKNOWN STRATEGIES HARNESS EXCLUSIVE TAX PLAN
Your business. Your money. Your future.
Whether you’re an Oil or Gas Business Owner, Physician, Social Media Influencer, Small Business Owner, Healthcare Contractor, Professional Athlete, Professional Racer, or highly compensated Executive…
OUR STRATEGIES PUT MONEY BACK IN YOUR WALLET.
