PRO SPORTS
Minimizing tax liability.
Maximizing wealth accumulation.
Our tax analysis reveals how pro racers could
SAVE SEVEN FIGURES IN TAXES, even if they have a CPA.
PRO SPORTS
Minimize tax liability.
Maximize wealth accumulation.
A Race Car Driver is married and together they have 1 child under 18.
• Wife is a stay-at-home mother
• Husband earns $1 million per year in W-2 income
• Husband has endorsements of $250,000 per year as 1099-Misc income
• Couple wants to purchase rental property to diversify their income
________________________________
TAXES OWED: $418,645
scroll for eight Tax Reduction Strategies
CASE STUDY: A PROFESSIONAL RACER'S SCENARIO
CASE STUDY: A PROFESSIONAL RACER'S SCENARIO
A Race Car Driver is married and together they have 1 child under 18.
• Wife is a stay-at-home mother
• Husband earns $1 million per year in W-2 income
• Husband has endorsements of $250,000 per year as 1099-Misc income
• Couple wants to purchase rental property to diversify their income
_________________________________________
TAXES OWED: $418,645
scroll for eight Tax Reduction Strategies
STRATEGY #1
$37,500
Savings in self-employment tax
Schedule C to S Corp
Federal Tax Savings: $13,875
State Tax Savings: $1,593.75
- Eliminates $250,000 in profits from being subject to the 15.3% Self-Employment Tax.
- No reasonable comp necessary, with business loss .
STRATEGY #2
$46,000
Tax-deferred investment
Defined Benefit Plan
- Solo 401[k].
- Both husband & wife can contribute.
STRATEGY #1
$37,500
Savings in self-employment tax
Schedule C to S Corp
Federal Tax Savings: $13,875
State Tax Savings: $1,593.75
- Eliminates $250,000 in profits from being subject to the 15.3% Self-Employment Tax.
- No reasonable comp necessary, with business loss .
STRATEGY #2
$46,000
Tax-deferred investment
Defined Benefit Plan
- Solo 401[k]
- Both husband & wife can contribute.
STRATEGY #3
$14,600
Savings in self-employment tax
Paying the Kids
Federal Tax Savings: $5,402
State Tax Savings: $621
- Their child will be paid a $14,600 yearly salary.
STRATEGY #4
$42,000
Deduction
Private Rental Strategy
Federal Tax Savings: $15,540
State Tax Savings: $1,785
- Private rental tax-free reimbursement.
STRATEGY #3
$14,600
Deduction
Paying the Kids
Federal Tax Savings: $5,402
State Tax Savings: $621
- Their child will be paid a $14,600 yearly salary.
STRATEGY #4
$42,000
Deduction
Private Rental Strategy
Federal Tax Savings: $54,760
State Tax Savings: $6,290
- Private rental tax-free reimbursement.
Pro Racer's
Tax Savings Readiness
This tax analysis is for professional racers 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 racers in focus
- Desiring liberation from feelings of entrapment or stagnation
- Primed to reclaim control and initiate a journey towards empowerment!
Pro Racer's
Tax Savings Scenario
This tax analysis is for professional racers 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 racers 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
Deduction
$148,000
Federal Tax Savings: $54,760
State Tax Savings: $6,290
Physician purchased $185,000 luxury SUV for business, during the Tax Year.
80% of vehicle can be written off.
STRATEGY #6
INVESTMENT
PROPERTY
$500,000
Purchase price
Federal Tax Savings: $185,000 State Tax Savings: $21,250
Racer could receive $510,000
accelerated depreciation, to lower taxable income.
Using Bonus Depreciation.
STRATEGY #7
BOARD OF ADVISORS
$50,000
Purchase price
State Tax Savings: $2,125
Strategic framework for involving family members in critical business and financial decisions.
STRATEGY #8
ITEMIZED
DEDUCTION
$250,000
Income reduction
Federal Tax Savings: $209,160
5 : 1 Medical Donation [limited to 50% AGI]
$50,000 minimum contribution
Remainder carried forward
$250,000 itemized
- TAXES OWED -
BEFORE MATTHEW JAMES TAX PROS
$418,645
WITH MATTHEW JAMES TAX PROS
$377,921 Saved
92% 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
$500,000
Purchase price, using Bonus Depreciation
INVESTMENT PROPERTY
Federal Tax Savings: $222,000
State Tax Savings: $22,500
Racer could receive $510,000
accelerated depreciation, to lower taxable income.
STRATEGY #7
$250,000
Income reduction
ITEMIZED
DEDUCTION
Federal Tax Savings: $209,160
5 : 1 Medical Donation, limited to 50% AGI
$50,000 minimum contribution
Remainder carried forward
TAXES OWED
BEFORE MATTHEW JAMES TAX PROS
$418,645
WITH MATTHEW JAMES
TAX PROS
$377,921 Saved
92% 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.
