Originally Posted by castforcash
Name them.
Name them.
My uncle was a golf pro. He owned a house painting business. He would line his guys out and take off.
This may have already been addressed but most if not all their expenses are tax deductible at the end of the year. I know some who pays no taxes during the year but gets a healthy return every year. Happens a lot and not just in fishing. Just a thought.
That brought a tear to my eye...
They will get audited eventually. To have a business you must make money 2/7 years. Irs won’t allow them to keep doing that.
Such as?
I did extremely well in 2013 fishing loal tournaments within 4 hours. So in 2014, I fished the entire flw tour as a co angler. I was amazed how many of these guys were paying entry fees with credit cards and praying to cash a check. I also realized these guys didn't just fish, the went to every boat show, dealership event, and anywhere else they could wear a jersey and get a small check. So much work to basically break even just for the dream that they could be one of the 10 anglers on the tour that made decent money. So I did the smart thing and kept my day job.
It's not that difficult to claim a small profit to not show a loss each year.
Sure, as long as you don't fully claim all of your expenses.
There was a time that I didn't fish but I cannot remember it.
I remember Casey Martin on Circuit Breaker saying that when he got a check. " The credit card company will be happy ". He made some good money and sort of retired to be a guide on Guntersville. Seems to be doing well.
It's not as easy as it was a few years ago to do that, a lot of mid level multi day trails, have folded like the old CPAA.
Depends on the business.
FLW or BASS or whatever tour.. Writing a check for 40-50k each year up front with no guarantee sure would make my butt pucker. I was in 100% commission for a few years and that was enough to make me understand its not my thing. I like my pay every 2 weeks
Not polite to name names but that's absolutely correct.
Boyd Duckett, Scott Martin, Gary Yamamoto... Not saying they didn't work hard to get where they are but... Since his Classic win, BD hasn't done anything to stay on the pro tour, hence the creation of the BPsT... Scott Martin is talented but having Roland Martin as a Dad helped immensely... Mr. Yamamoto is a very successful business man who like BD is a good fisherman... More power to each one of them, they've taken advantage of the circumstances... Dan
Didnt BD have successful businesses prior to getting into fishing? Didnt Martin win co-angler of the year prior to going pro ? Not sure of the Yamamato history.
Reply With Quote