Should I Get Licensed and Insured? I'm 17.

[Bunky]

Re: Should I Get Licensed and Insured? I'm 17.

I've made my decision to attempt to get licensed and insured. I will only get insured if I can afford it. And worry not, I'll be filling my taxes and not hiding anything. I won't be making more than $10k so they won't be taking a substantial amount anyway. Thank you guys.

You sound like a smart 17 year old. Good luck. Yes, it is a hassle but do it right and behave like a professional.

You can use the fact that you have insurance to sell yourself against those that do not.

[MyFirstES300]

Re: Should I Get Licensed and Insured? I'm 17.

You sound like a smart 17 year old. Good luck. Yes, it is a hassle but do it right and behave like a professional.

You can use the fact that you have insurance to sell yourself against those that do not.

+1 Bunky well put!

[SD_Racer]

Re: Should I Get Licensed and Insured? I'm 17.

Keep track of all your costs. You should be expensing EVERY MEAL, EVERY THING YOU DO that costs $$$$. Read up on taxe laws and figure out how to categorize everything into a business expense, know the gray areas WELL. Your vehicle, gas, supplies, computer to post this question, etc... The last thing you want to do is start your adult life with back taxes.

Also wanted to say GOOD JOB KID! You're going to do just fine as long as you continue to work hard and pursue your dreams.

[Cole Ziegler]

Re: Should I Get Licensed and Insured? I'm 17.

I have to say it seems pointless... you pay taxes on your supplies and are providing a nontaxable service, insurance is EXPENSIVE, and it just depends on the work your doing... good luck!

[MaksimumAutoDetailing]

Re: Should I Get Licensed and Insured? I'm 17.

So last Saturday, I was backing a Lexus GS out of the garage to check my final work in the sun. Long story short, the door got caught on the side of the garage, shifted from it's hinges and got dinged. Free detail +$300 out of my pocket which I was extremely happy to pay since it should have been upwards of $800 for the damage. Sometimes you just need to roll with the punches. Luckly it wasn't a Lambo or a Ferrari.

[JuddGA]

Re: Should I Get Licensed and Insured? I'm 17.

. you pay taxes on your supplies and are providing a nontaxable service, insurance is EXPENSIVE, and it just depends on the work your doing... good luck!

That is not true in all areas. In FLorida I owned an office equipment company and we did alot of service work besides other sales. We taxed ALL labor. Florida said if we included/used ANY chemical or product with our labor, such as cleaning solutions, rags, lubricants etc, the labor was taxable.

Georgia seems to be a little different. It depends how you figure in parts.


Insurance is wise. I had a little car wash (did car washes, basic waxes, etc) at a gas station when I was 17-18. Thankfully I never damaged a car.

Find an accountant and barter. That means trade your services for his. I did that and my accountant was a HUGE asset for years in my office equipment business.

There may be one other issue. You are 17. You are not legally allowed to own anything, sign contracts etc as far as I know. So check into that.


Good luck

[Cole Ziegler]

Re: Should I Get Licensed and Insured? I'm 17.

sorry to hear about that maksimum, had to be one tough phone call to make to the owner. I dont trust my parking skills, so whenever i detail the garage is empy and i have two car widths to pull in to

[DetailinByDustn]

Re: Should I Get Licensed and Insured? I'm 17.

I just bought general liability for my business, and im am not a registered business, Im 19, they do the form under personal, Since your starting off and you have an excellent turnout, I would go ahead and get a llc, insurance, and start saving records of transactions such as buying equipment to buying gas to all income under your business it beats trying to find everything later or getting the irs on u (which is *itch), once a month do your taxes, total your expenses and income for you business, and write off as much as you can, such as new equipment and chemicals, just keep every transaction you can, also combined your bank statements too, when doing your taxes, you may want to open a checking account for your business and savings if you are doing good, that way you can monitor transactions better and have a seperate account to do with your business.