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Professional athletes, like many high net-worth individuals, often face overwhelming financial challenges. With millions in taxable income, they not only must manage their own personal finances, but often those of other family members and any businesses or entities they own. Demands from team schedules, sponsor appearances and other contractual commitments often keep them traveling, domestically and abroad. These situations require an experienced tax firm that not only is up-to-date on the latest state, multi-state and foreign tax issues, but also understands the unique financial demands placed on professional athletes.
DAMETY CONSULTING LLC Business Management, has years of success in providing complex tax and accounting solutions to professional athletes. We understand the importance of your privacy, and we adhere to the strictest ethical and legal standards in the industry. We will ensure that your long-term goals are met, working closely with your family members, as well as your financial advisors, attorneys and business managers to implement tax-efficient strategies that best protect your interests and wealth, for future generations.
Facing some significant financial hurdles, a professional athlete hired DAMETY CONSULTING LLC Business Management, to manage not only his personal accounts, but also his active corporation and two non-profit entities. His circle of advisors lacked the CPA experience necessary to professionally run his company and entities to be both tax-efficient and legally compliant. Despite a taxable income of several million dollars per year, his financial position was declining because he lacked a professional budget and cash flow monitoring. He was spending more money than he realized.
In just six months, the DAMETY CONSULTING LLC team successfully deployed several financial and tax-efficient strategies and ultimately saved this athlete over $500,000 in taxes his first year alone.
Additionally, DAMETY CONSULTING LLC put the athlete on a monthly budget, which was monitored by DAMETY CONSULTING LLC. The firm also recommended some very low risk investments that carried a guaranteed rate of return of over 400% more than what the athlete was previously earning. DAMETY CONSULTING LLC implemented an Asset Protection Plan and updated the athlete’s Will and Estate Plan to maximize the most current opportunities. In addition, DAMETY CONSULTING LLC established a monthly bill payment process for the athlete’s personal, business and non-profit entities. Through the firm’s entertainment industry connections, DAMETY CONSULTING LLC introduced the athlete to an LA movie producer and large marketing companies to help assist the athlete with maximizing his “off field” income potential.