(Topic ID: 203290)

Paying taxes on earnings / becoming an operator


By Soulrider911

2 years ago



Topic Stats

  • 34 posts
  • 18 Pinsiders participating
  • Latest reply 2 years ago by dcannan
  • Topic is favorited by 2 Pinsiders

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    #5 2 years ago

    I know nothing about being an operator. Even if the bar owner is a friend? Cover your own rear. I've learned this from other business's. You kind of have to weigh that out too, depending on the value of the machines and a possible injury. At the very least protect yourself from someone claiming an injury. I've learned to never rely on someone else saying they will protect you. Friend or not get everything in writing. Not to be the negative guy. But think of the worst case scenario and plan on it! If it comes out better than that? Then your all good!

    Taxes? A while back you didn't even need a tax ID anymore for some stuff you just used your social. You may want to check into that. I really don't remember all the ins and outs of that.

    I'm sure there are many directions you can go.

    #11 2 years ago
    Quoted from Isochronic_Frost:

    How hard is it to file an LLC?? I am in the same boat and want to just spread pinball for fun as a hobby. I'm in NY but it seems to almost be more trouble than it's worth.
    I was told that operating your business while at a loss can potentially net you more in the long run.

    It's not hard getting an LLC....It's been years, but I did it on my own at the time and I'm not good with paperwork stuff . I made a trip, to I believe it was the tax office(or some county office), and they gave me the paperwork then I paid a fee. It wasn't all that much. You can probably find all of the instructions and papers online or even do it online now.

    #15 2 years ago
    Quoted from Soulrider911:

    Yes there are plenty of online services that will handle everything for all the paperwork, due dillegence etc... however little more costly around 250.00

    You can do most all that stuff yourself. Heck I think an accountant we had at that time even helped us set everything up. Even made a call and got our insurance set up for us. We went from a couple of guys talking at a table to a traveling paint crew in about a week and a half, with 2 employees. And we knew nothing about anything when we came up with the idea.

    A good accountant is everything!!

    #31 2 years ago
    Quoted from smacks:

    CA fee is actually $800 I believe and this almost makes it a losing proposition from the start for a 1-2 unit operation. For example, in WI the annual reporting fee is $25 after paying $130 initial filing fee.
    I'm not an attorney, but I don't believe you actually need to file for your LLC in CA. Under that scenario, you would not have to pay the annual fee. However, you would still need to pay taxes in CA if you earn money from operations.
    Good luck,

    WoW!!! If that's true? That is insane, for a small guy trying to start up. Among all the other costs and fees. I feel sorry for some of you that live in Cali and that aren't......(fill in with whatever you want)....

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