Taxes

[Mikez92]

If I purchase a stealth account how would I file for taxes How does that work

[Sunspot144]

Whoever receives the funds in the end (you or family member) will pay the taxes. Non-negotiable that the receiving bank account belongs to someone who is federally identifiable (real person with real ID).

[Mikez92]

Yeah but isn’t the social and a different name

[phaz0rz]

Originally Posted by Mikez92

Yeah but isn’t the social and a different name

No, you don't use socials. That's fraud.

You would buy the account, get an EIN from the IRS, add that EIN to your account, receive a 1099k for the EIN you provided, and then pass the profits from your business to your personal taxes.

At least, that's how I do it. I've heard about a few different setups on here to get lower tax rates (since corporations pay a lot less than passthrough entities like LLC's) but I've always used single member LLC's. I guess because I was a kid who had no idea what I was doing when I started.

[phaz0rz]

EDIT : Just realized this was an Amazon thread and my experience is with Paypal.. but tax laws apply the same either way.

[Sunspot144]

People usually choose to go with an EIN provided by establishing an LLC. With LLC you dont have to reveal your name / identity.

[Mikez92]

So I couldn’t use an EIN I’d have to get an LLC

[Mikez92]

Like if I don’t want to form an LLC and just use an EIN could I

[Sunspot144]

Originally Posted by Mikez92

So I couldn’t use an EIN I’d have to get an LLC

Kinda, when you create an LLC the IRS gives it an EIN, which works like a SS when filing.

[Mikez92]

I’m saying if I use an EIN on Amazon with Amazon be able to see my real name and everything

[Sunspot144]

To get an EIN is by establishing a business with a state, sole proprietorship or LLC.

[phaz0rz]

The EIN would be the tax ID of your LLC, so you need both eventually.

But you can wait like a full year between getting your EIN and your LLC. What I used to do is get an EIN in the beginning of the year and then see how the account is going to do. If it was doing well by the end of the year I would spend the $110 to file articles of organization and officially form my LLC with the state. If the account went down for whatever reason I would cancel the EIN.

You can't open business bank accounts until you officially form your LLC though.

[Sunspot144]

Originally Posted by Mikez92

I’m saying if I use an EIN on Amazon with Amazon be able to see my real name and everything

They would with a sole proprietorship. With an LLC you dont have to reveal your name.

[phaz0rz]

^^Which is why it would make sense to go ahead and form an LLC.

[Sunspot144]

Sunspot144, proclaimed stealth master.