(Topic ID: 203290)

Paying taxes on earnings / becoming an operator


By Soulrider911

2 years ago



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

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    #25 2 years ago
    Quoted from Dr-Willy:

    FYI California has a $700 a year LLC tax you have to pay to keep your llc status

    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,

    #27 2 years ago
    Quoted from Whysnow:

    pretty sure it is $300 and $50 now. Still not bad.

    In WI the online start up(quickstart) is $130.00 and then the annual report online is $25.00 each year to keep the status. It only takes about 5 minutes to set up online. My accountant has had me do 5-6 of these over the last year for rental properties.

    https://www.wdfi.org/corporations/fees/ltd.htm

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