This much about paying sales tax on a toy. I'm stocking up on popcorn because most don't quite understand how bad the new tax code really is. Personally I know it will cost me another $3k than last year and people are freaking out about $500.
You're currently viewing posts by Pinsider Buzz.
Click here to go back to viewing the entire thread.
This much about paying sales tax on a toy. I'm stocking up on popcorn because most don't quite understand how bad the new tax code really is. Personally I know it will cost me another $3k than last year and people are freaking out about $500.
How will any given state know if or how much a distributor sold? Is this an honor system like how the consumer has already been the one to pay state tax for purchases. Unless all states are linked to electronic book keeping of your business how would anyone know what you do?
What if you buy a pin and have it shipped to your other house in a different state than your billing address. Is the tax the state it goes to?
I have a hard time seeing how each state will be able to prove how much you sold in a state. The article named the big guys. When you see Amazon boxes on every door yes it's worth looking into. Would pinball or the eBay guy who sells signs even scratch the radar. States would spend more money chasing these pennies than what it's worth.
Tax evasion has always been Americans #1 sport it's in our DNA. Can't wait to see people selling pins off the back of trucks in an alley at shows.
Quoted from MustangPaul:What does your gasoline tax pay for then?
Catered lunches for politicians of course.
If a distributor sets up a non profit organization they can reward your $6k donation with a special pin gift. They can then deduct their operating costs and pass on the I think only 1% required profits and the recipient now has a nice charitable right off.
If the taxes really bother people then pay the fee to be an amusement business and take the one time loss right off. You have 3 years to make a profit or go out of business. Learn to play in the pros with the 1%'s.
Oh yes you can. Corporate vs LLC has better right offs for not that much difference in fees. I would not be surprised if many larger collectors have not already done this. But who would say out loud they did.
Look at the laws and see how these large non profit tax exempt pinball museums operate. You could in theory IMO do the same as a kind of distributor as I stated above.
With all the knowledge people have in this community why don't we start brainstorming some solutions instead of bitching and eating each other? We have lawyers, cpa's, tax people, non profit owners, distributors, and so on. Let's all work together to get to the wizard mode.
As distributor do open up an account with each state to be able to pay them? Not sure of how the interstate commerce thing works. As a realtor I think you'll be ok, but your pong business might be a different story. Like I said there are tons of smart successful people on here let's start a solution.
Yeah we could have pins shipped to you give you a hundy for your time and pay a second shipping and save maybe a couple hundred. But the more time on a truck brings it's own issues.
I personally just don't see how states could keep up with people in other states as to what or what not they are doing. If I was a distributor I would just take the gamble that I wouldn't meet their numbers or they wouldn't waste the resources to prove me wrong.
Very informative. Interpretation of black and white is how some make a living. I believe you can take a depreciation over years or one lump loss. You are 100% correct on you better make sure your legit or you will pay a fine or go to a country club type institution with the other 1%. A good team on your side is always vital. I thought with the community we have of experience that a solution could be found. So possible the gifts I receive from my donations the organization possible paid tax on as well. Just trying to get the creative juices flowing. As many rich have stated they didn't write the tax laws they just find the best way to follow them.
Right on. I obviously don't know shit about any of it. I just thought it was an idea worth looking at. In the end no distributor is going to care if you have to pay sales tax and go out of their way to help you not. It was a good ride while it lasted. Thanks for the informative information.
More taxes suck and hurt the economy IMO when people have less to spend. This added sales tax will hurt some but not all. I'm more interested to see the reaction to the new federal tax codes where you can no longer deduct your state income tax and house mortgage. It is going to affect me by $3k vs last year. That and the new enforcement of sales tax is definitely going to affect my pin buying.
Unfortunately I'm blessed and cursed at the same time. That is a big difference but still does nothing to help me personally. My tax guy ran last years return through the new laws and it would be a $3k hit on my end.
I think I need to work less and just enjoy the pins I already have and try to not be bothered by all this.
You're currently viewing posts by Pinsider Buzz.
Click here to go back to viewing the entire thread.
Wanna join the discussion? Please sign in to reply to this topic.
Great to see you're enjoying Pinside! Did you know Pinside is able to run without any 3rd-party banners or ads, thanks to the support from our visitors? Please consider a donation to Pinside and get anext to your username to show for it! Or better yet, subscribe to Pinside+!
This page was printed from https://pinside.com/pinball/forum/topic/2019-new-pinball-purchase-will-be-taxed-?tu=Buzz and we tried optimising it for printing. Some page elements may have been deliberately hidden.
Scan the QR code on the left to jump to the URL this document was printed from.