All kidding aside, the UFC needs to set these young men up with some bookkeeping

[gotBooched]

Just calling a spade a spade - and there is ZERO shame in this - but it’s safe to say someone that gives and receives punches to the head for living may not have the resources or know-how to understand how a “self employed” person needs to set money aside for taxes, social security, unemployment insurance etc. that they likely automatically had pulled from their checks when they worked for “the man”

If the UFC isn’t cutting W2-style checks today these men and women they need to have a resource available for them to understand exactly what they need to do with a percentage of each check in order to ensure they are always clear of Uncle Sam.

im not talking retirement savings, investments etc.

Just someone to explain “Mike when you get your check for $125k you need to forget that $40k of it exists and set it in an account for Uncle Sam”

Perry isn’t the first and he certainly won’t be the last. The UFC needs to provide these resources to help ensure the guys they rip off daily are aware they need to pony up cash on these checks or else face fines and possible jail time for back taxes. It’s fucked up.

 

[Megatronlee]

Yep

 

[Sonny Qc]

What about no?

 

[Memeojima]

Perry made 200k for that shit show

 

[Hellowhosthat]

Absolutely, that's something most major sports leagues do that the UFC should absolutely be doing.

It's not like it'd be expensive either.

 

[JustforBROCK]

Nah, he just needs to pay them what they deserve. What they do with their money is nobodies business, just pay them the fucking money they should be getting.

 

[SakurabasEar]

Perry made 200k for that shit show

100k went to co fund woodleys music

 

[Quacky Chan]

"EVERYBODY NEEDS TO DO SOMETHING FOR ME"

JFC.

You don't deserve shit. Most businesses have to figure this out themselves why should UFC fighters be any different?

 

[BEATDOWNS]

Lets say fighter X gets paid 100K if they had that broken up into lets say five payments instead of one large sum would that decrease the taxes that come off the top?

Honest question.

 

[Doughie99]

I mean I guess the UFC could *suggest* an accountant but....most of these guys DO have a manager and you'd think that part of the manager's job is to maybe find them and accountant or something. And yes it's far better if the check was deposited in an account by a trustworthy certified accountant and they immediately put x% in a separate account as "non-touchable tax money".
As Eddie Alvarez said in some twitter thing I saw yesterday :



makes sense.
I have no accountancy training at all.....but I'm pretty sure that after you set up your own LLC company, "Mike Perry Enterprises" (or something!) you can have your accountant take fight expenses like transport costs, training costs, coach costs gym fees, all that stuff that he can classify as a business-expense and that will be deducted from your taxable income and therefore massively reduce your tax liability. I can see how these fighters get a 100k or 160k pay-check and think they're rich and I'm sure it's nice BUT....if you're only fighting once or twice per year.... it won't last that long. And if they get injured / ACL injury /broken bone etc.....then they may be out 12 to 18months. Perry needs a mentor to sit his ass down and arrange all of this for him, but that's obvious to everyone I think.

 

[gotBooched]

Lets say fighter X gets paid 100K if they had that broken up into lets say six payments instead of one large sum would that decrease the taxes that come off the top?

Honest question.

In America fuck no.

 

[gotBooched]

"EVERYBODY NEEDS TO DO SOMETHING FOR ME"

JFC.

You don't deserve shit. Most businesses have to figure this out themselves why should UFC fighters be any different?

because the UFC structure their fighters in a manner where they are self-employed but cannot seek employment elsewhere??

 

[Doughie99]

Lets say fighter X gets paid 100K if they had that broken up into lets say six payments instead of one large sum would that decrease the taxes that come off the top?

Honest question.

if it's in the same financial tax year, no I don't think it would reduce income tax by splitting it. It's all gross income to an independent contractor, and therefore taxable, unless you reduce the taxable portion of it by netting it off with various COSTS as business costs in your LLC (a good accountant will know what you can, and can't, get away with...) and therefore your Profit/Loss for the financial year is REDUCED and therefore the taxable amount is reduced and so the money you have to pay the IRS is reduced.

seems to me Mike just gets all this *gross* income and goes BANANAS with it spending it like the World is Coming to An End in 7 Days.....and then it just get burned up really fast. As someone said yesterday, it's not wht you make that's really key, it's how much you spend.

 

[BEATDOWNS]

I mean I guess the UFC could *suggest* an accountant but....most of these guys DO have a manager and you'd think that the manager's job is to maybe findf them and accountant or something. And yes it's far better if te check was deposited in an account by a trustworthy certified accountant and they immediately put x% in a separate account.
As Eddie Alvarez said in some twitter thing I saw yesterday :



makes sense.
I have no accountancy training at all.....but I'm pretty sure that after you set up your own LLC company, "Mike Perry Enterprises" (or something!) you can have your accountant take fight expenses like transport costs, training costs, coach costs gym fees, all that stuff that he can classify as a business-expense and that will be deducted from your taxable income and therefore massively reduce your tax liability. I can see how these fighters get a 100k or 160k pay-check and think they're rich and I'm sure it's nice BUT....if you're only fighting once or twice per year.... it won't last that long. And if they get injured / ACL injury /broken bone etc.....then they may be out 12 to 18months. Perry needs a mentor to sit his ass down and arrange all of this for him, but that's obvious to everyone I think.

Bands do this quite often. Only way to survive

 

[gotBooched]

Nah, he just needs to pay them what they deserve. What they do with their money is nobodies business, just pay them the fucking money they should be getting.

That’s my point. The IRS doesn’t send you a bill. You are expected to make installments that you correctly calculate yourself (or with a CPA or bookeeper) and pay on time.

 

[Medulla Omoplata]

because the UFC structure their fighters in a manner where they are self-employed but cannot seek employment elsewhere??

I'd assume they can seek employment outside of fighting.
And regardless I don't see how non-compete clauses put the onus of the fighter's personal finances on the UFC.

 

[Post 2 Decision]

If you're an adult that doesn't understand how taxes work then that's your own fault for being an uneducated simpleton

 

[MMAudit]

And why we are at it ..

Let's make sure they have a 401k
Health coverage the rest of their life
Pay rent or mortgage on time
Car note and insurance current
And only eat healthy foods on a list



..

 

[slicebergjim]

"EVERYBODY NEEDS TO DO SOMETHING FOR ME"

JFC.

You don't deserve shit. Most businesses have to figure this out themselves why should UFC fighters be any different?

Not everyone is blessed with financial IQ and/or a conservative point of view.

But as we love fighting and would like to see fighters do well, we might provide some help in advance and reward them for just bleeding.

This way, their life after the fighting career becomes a little bit more bearable, when the problem we are discussing right now is actually a problem for them too.

 

[Rod Farva]

Absolutely, that's something most major sports leagues do that the UFC should absolutely be doing.

It's not like it'd be expensive either.

The 4 major sports all do something like that.

I’m sure you could get someone to do it for free too. They would do a seminar with the hope of getting investors in their own firm