That doesn't sound right. LLCs are generally pass-thru on income. And, you must (and should) pay SS and Medicare. If you don't pay them through withdrawal, you must pay them through unincorporated income tax.Originally Posted by shadroch
That doesn't sound right. LLCs are generally pass-thru on income. And, you must (and should) pay SS and Medicare. If you don't pay them through withdrawal, you must pay them through unincorporated income tax.
Last edited by Norm; 03-09-2013 at 05:14 PM.
"I don't think outside the box; I think of what I can do with the box." - Henri Matisse
The way I would go about it is work a normal job that you like that wont need to pay well, and do semi pro on the side for blackjack, that way you get benefits from job, smooths out variance, always got money for bills should you hit a negative variance road, and it allows you to keep a nice balance in life.. full time is not worth it anymore cause of increased surveillance and intelligence of casino staff to spot counters and back you off or bar. The travel needed for full time also cuts into your EV, unless you want to play rated and get comped, but playing rated will shorten your career, so all in all part time/semi pro is the way to go..
It has been many years, in fact several decades since I started working in a Casino. Over those years I have watched a lot of good people humbled by the casino experience, and many of them broken. I watched as good employees got greedy and made bad choices, and bad employees rose through the ranks (for reasons that still baffle me). I have seen an untold number of bj experts come into my place of business and win or lose, frequently being the same person on a different day or with a different dealer, or any other unlikely combination of events. They come and go. Although the casino business may be distasteful to many, it has been very good to me. I have raised and educated my sons, own a little property, and have something set aside for the time when I no longer enjoy going in to work. The thing is, I enjoy my work, and am an expert at it. A recent post of mine was replied to by several respondants suggesting that all pit managers do is watch sports on tv during their shift. That may seem true of the young guns, but the old-timers are still a little passionate about the place where we work and the job that we do. If those writers were right, then there would be no hassle for counters, since obviously we would not care about our employer's interests.
Why do we want to kep high limit counters out of our shops? Next time you are in MacDonalds, ask them if they would like to share their profit with you. Ask the shop manager if he feels okay with you putting your hand in his cash registers. I think you'll probably get about the same answer as we gave a certain counter that we discouraged eighteen months ago when he came back in today to play. We do have long memories, and once you're busted, you're busted forever with us.
As for our marketing, I have seen thousands of our promotional materials, but have never seen one that said anything about inviting "degenerates", card counters, and theives to come play. We invite recreational gamblers, people that go to movies and stock car races and hang out with beautiful people. The scum come uninvited.
If being all of the things that Al Mucous described is unappealing to you, and you are honestly looking at a less than a six figure income, then become a dealer. Maryland is hiring for their new casino and projecting that the dealers will make 65k, plus a full benefit package, insurance, vacations, profit sharing, and the whole thing. You can go out for a beer after work and talk about the job, stuff completely unrelated to work, hang with the gang, or whatever, because the pressure is gone. You'll be able to practice your counting until you reach an expert level, and when you fly out to Las Vegas to play you can identify yourself as a dealer and all of the pitcritters (love that word) will be your friends. Or just keep trying to slink around and never get a chance to openly practice what you have spent so much time learning. But I do have to tell you, today we recognized one counter an took away all his fun and we caught one past-poster that we had arrested for cheating. By and large it was exhilerating!
Do you pay SS and medicare on your passive investments? The money is distributed as a capital gain, not as income. You didn't make the money, the corp. did and it distributed the profits to the shareholders.
Let me die in my sleep like my Grandfather.
Not screaming in agony like his passengers.
This is getting sad so here’s a happy view. I wish everyone had as much fun as I do playing recreational BJ. I made a plan to enjoy everything about my 2-3 day getaways while winning enough to keep doing it once a month or so. I have made joking around, laughing, meeting people, being friendly and the alone time with my wife something we look forward to. I have a special trip to Vegas with my sons once a year and it’s off the charts FUN. I am also thankful for all the comps and being treated nice. I have made friends I see once a year who work in casinos. I am surprised and grateful to receive special comps that my play never warranted, but friendship made happen. I get happy to see them when I arrive and genuinely sad when I say good bye. I have found a way to travel with little expense, where otherwise could not afford to do so. I refuse to let evil into my casino fun!
I keep waiting to hear about fun from pros, but I see that might be rare, if not impossible. Even if I could make 250K a year, I could not give up my family life and other interests/passions I have. So what I read here and have read from other pros is that BJ fun is more for recreational or part timers. I still enjoy hearing their interesting stories.
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