|
02-24-2019
| Junior Member | | Join Date: May 2017
Posts: 25
Thanks: 14
Thanked 6 Times in 5 Posts
Activity: 0% Longevity: 40% | | Stealth account and taxes
Hello all!
Looking to get back on Amazon after being banned 8 years ago. After looking thru the forums I believe my two best methods would either to purchase a stealth account, or set up a partnership business and use the business EIN and partners address for any info Amazon needs.
The only thing holding back from the stealth route is not understanding how you pay your taxes. Also the fact that I want this to be a long standing legit business that hopefully will never deal with another amazon suspension.
Thanks in advanced!
|
The complete step-by-step guide to get back to selling today!
| |
02-24-2019
| | Executive [VIP] | | Join Date: Dec 2009
Posts: 75,855
Thanks: 5,926
Thanked 8,909 Times in 8,202 Posts
Activity: 99% Longevity: 83% | | Re: Stealth account and taxes
Best of luck as you find the answers - posts will come and other threads also discuss this |
02-24-2019
| | Executive [VIP] | | Join Date: Dec 2009
Posts: 75,855
Thanks: 5,926
Thanked 8,909 Times in 8,202 Posts
Activity: 99% Longevity: 83% | | Re: Stealth account and taxes Quote:
Originally Posted by The Demon Always pay your taxes, it's not that hard, especially on a stealth account. You add your EIN, you're responsible for the taxes reported on that EIN. Simple. | The EIN and LLC route OP
|
02-24-2019
| Junior Member
Threadstarter  
| | Join Date: May 2017
Posts: 25
Thanks: 14
Thanked 6 Times in 5 Posts
Activity: 0% Longevity: 40% | | Re: Stealth account and taxes Quote:
Originally Posted by The Demon Always pay your taxes, it's not that hard, especially on a stealth account. You add your EIN, you're responsible for the taxes reported on that EIN. Simple. |
With a stealth account with all false information, even with me paying which I 100% plan to do. Wouldn't the IRS or any government official have problems with everything set up as false names addresses so on?
Sorry if this is an obvious answer I've just been scrolling through here the last few days and couldn't seem to find the answers I needed in other posts.
|
02-24-2019
| | Executive [VIP] | | Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,108 Times in 2,282 Posts
Activity: 0% Longevity: 60% | | Re: Stealth account and taxes Quote:
Originally Posted by RCStank With a stealth account with all false information, even with me paying which I 100% plan to do. Wouldn't the IRS or any government official have problems with everything set up as false names addresses so on?
Sorry if this is an obvious answer I've just been scrolling through here the last few days and couldn't seem to find the answers I needed in other posts. | LLC and EIN is not false anything......It is your new company.
|
02-24-2019
| Junior Member
Threadstarter  
| | Join Date: May 2017
Posts: 25
Thanks: 14
Thanked 6 Times in 5 Posts
Activity: 0% Longevity: 40% | | Re: Stealth account and taxes Quote:
Originally Posted by yankee LLC and EIN is not false anything......It is your new company. | I apologize, I meant if I were to buy a stealth account and purchase one from a seller here how do I pay taxes on that. If I do a single LLC ill eventually be linked to it since I'm the only memeber. If i do a partner ship I believe that would work by filling all the Amazon questions with my partners info or the company info but that would entail me getting a family member involved which I'd rather not if possible.
|
02-24-2019
| | Executive [VIP] | | Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,108 Times in 2,282 Posts
Activity: 0% Longevity: 60% | | Re: Stealth account and taxes
simply change the business information to your new LLC, CORP, WHATEVER... If you dont know how to so this, discuss it with your account seller firstly. They most likely can make an account in your new company from the start and save you all the hassles.
Last edited by yankee; 02-24-2019 at 01:47 PM.
| The Following User Says Thank You to yankee For This Useful Post: | |
02-24-2019
| Junior Member | | Join Date: Oct 2018
Posts: 18
Thanks: 15
Thanked 3 Times in 3 Posts
Activity: 0% Longevity: 31% | | Re: Stealth account and taxes
Ignas (member name from this group) is currently making me a stealth account. I've asked for specific details (like having the identity of the account holder be based in my state). Makes things a bit easier. I highly recommend Ignas for getting you an Amazon account. He's quick to answer questions ,etc. I have your same questions about getting the taxes straightened out , in my opinion, that's the most complicated part of this whole thing!
| The Following User Says Thank You to tarajean30 For This Useful Post: | |
02-24-2019
| Junior Member
Threadstarter  
| | Join Date: May 2017
Posts: 25
Thanks: 14
Thanked 6 Times in 5 Posts
Activity: 0% Longevity: 40% | | Re: Stealth account and taxes Quote:
Originally Posted by yankee simply change the business information to your new LLC, CORP, WHATEVER... If you dont know how to so this, discuss it with your account seller firstly. They most likely can make an account in your new company from the start and save you all the hassles. | Thank you very much this is exactly what I needed to hear. One last question I hope you dont mind. I recently created an single member LLC and eventually got linked due to linking the same bank account with my name on it.
If I create another authentic EIN and LLC how do I sent it up where they cant trace that to me?
|
02-24-2019
| Junior Member
Threadstarter  
| | Join Date: May 2017
Posts: 25
Thanks: 14
Thanked 6 Times in 5 Posts
Activity: 0% Longevity: 40% | | Re: Stealth account and taxes Quote:
Originally Posted by tarajean30 Ignas (member name from this group) is currently making me a stealth account. I've asked for specific details (like having the identity of the account holder be based in my state). Makes things a bit easier. I highly recommend Ignas for getting you an Amazon account. He's quick to answer questions ,etc. I have your same questions about getting the taxes straightened out , in my opinion, that's the most complicated part of this whole thing! | Thanks so much for your input. Was Ignas able to give you clear information on how to set up the tax issue? I want to make an authentic business but I dont want them to trace my EIN or LLC back to me.
I've heard once you start selling a lot of products they may ask to see your articles of incorporation and I dont want them to see my name or at least not only my name.
|
02-24-2019
| Junior Member | | Join Date: Oct 2018
Posts: 18
Thanks: 15
Thanked 3 Times in 3 Posts
Activity: 0% Longevity: 31% | | Re: Stealth account and taxes
What I've been told is that you form an LLC under the name on the Amazon account and then pay taxes on the profit that's made. Supposedly the government doesn't care about names on the paperwork ...they just want their money. So, when you apply for the LLC and EIN just use the identity details from the Amazon account. Your name shouldn't be anywhere.
| The Following User Says Thank You to tarajean30 For This Useful Post: | |
02-25-2019
| | Executive [VIP] | | Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,108 Times in 2,282 Posts
Activity: 0% Longevity: 60% | | Re: Stealth account and taxes Quote:
Originally Posted by tarajean30 What I've been told is that you form an LLC under the name on the Amazon account and then pay taxes on the profit that's made. Supposedly the government doesn't care about names on the paperwork ...they just want their money. So, when you apply for the LLC and EIN just use the identity details from the Amazon account. Your name shouldn't be anywhere. | That is impossible.....and terrible advice.
|
02-26-2019
| Junior Member | | Join Date: Feb 2019
Posts: 28
Thanks: 0
Thanked 7 Times in 7 Posts
Activity: 0% Longevity: 29% | | Re: Stealth account and taxes Quote:
Originally Posted by tarajean30 What I've been told is that you form an LLC under the name on the Amazon account and then pay taxes on the profit that's made. Supposedly the government doesn't care about names on the paperwork ...they just want their money. So, when you apply for the LLC and EIN just use the identity details from the Amazon account. Your name shouldn't be anywhere. | your name is on the W9 form when amazon asks you to put it during tax interview part of the registration
|
02-26-2019
| | Senior Member | | Join Date: Jul 2018
Posts: 12,088
Thanks: 1,622
Thanked 1,098 Times in 1,034 Posts
Activity: 89% Longevity: 33% | | Re: Stealth account and taxes
for indIviduals ,1099 is sent if you have at least 200 transactions AND $20k .
iF you browse this site,someone always suggest the stealth account is only good up to 200 transactions?
but what about the $20k
|
02-27-2019
| Junior Member | | Join Date: Jan 2018
Posts: 19
Thanks: 0
Thanked 14 Times in 9 Posts
Activity: 0% Longevity: 35% | | Re: Stealth account and taxes
Get legal.
Register an LLC, get an EIN and input that info under the Tax Interview Section.
Make sure you do this only AFTER your ghost account is running.
Fofo info from before it will remain as old or updated. Pay your taxes as if your account was not stealth.
I advise you to hire a tax attorney to help you with the process and hire a CPA to do your taxes.
Regards.
| The Following User Says Thank You to k3guaposoy For This Useful Post: | |
03-02-2019
| Junior Member | | Join Date: Feb 2019
Posts: 9
Thanks: 2
Thanked 3 Times in 2 Posts
Activity: 0% Longevity: 29% | | Re: Stealth account and taxes
When taking the tax interview if you select you are a single member LLC, it asks for "Name (as shown on your income tax return)" & Business Name is Optional. What is the secret to getting through this step. I have a new single member LLC and new EIN.
| The Following 2 Users Say Thank You to WhoAmINow For This Useful Post: | |
03-02-2019
| Junior Member
Threadstarter  
| | Join Date: May 2017
Posts: 25
Thanks: 14
Thanked 6 Times in 5 Posts
Activity: 0% Longevity: 40% | | Re: Stealth account and taxes Quote:
Originally Posted by WhoAmINow When taking the tax interview if you select you are a single member LLC, it asks for "Name (as shown on your income tax return)" & Business Name is Optional. What is the secret to getting through this step. I have a new single member LLC and new EIN. | I was thinking the same thing the other day the two thoughts I came up with are either do a partnership and put the other person's name or hide your name on the LLC by putting a register agent on it instead of yours. And then put an alteration on the name. For example if your name is Thomas brown you can put it as Tom Brown or use a middle name instead of Tom. Hopefully someone with more experience can come clean up any mistake I may have said.
|
03-14-2019
| Junior Member | | Join Date: Apr 2018
Posts: 44
Thanks: 3
Thanked 7 Times in 6 Posts
Activity: 0% Longevity: 34% | | Re: Stealth account and taxes Quote:
Originally Posted by tarajean30 What I've been told is that you form an LLC under the name on the Amazon account and then pay taxes on the profit that's made. Supposedly the government doesn't care about names on the paperwork ...they just want their money. So, when you apply for the LLC and EIN just use the identity details from the Amazon account. Your name shouldn't be anywhere. | There are ways to do it without your name to be showing in case Amazon asks for Business license to verify. You can use any name to form a LLC or CORP but a better option is to ask your accountant or your lawyer do it for you so you can have them to authorize you to open your business bank account to avoid any trouble later on. Another option is to open your business with a register agent so your name won't show on the filling receipt either.
We all need to think at least 3 steps ahead...
|
03-14-2019
| Junior Member | | Join Date: Apr 2018
Posts: 44
Thanks: 3
Thanked 7 Times in 6 Posts
Activity: 0% Longevity: 34% | | Re: Stealth account and taxes Quote:
Originally Posted by RCStank I was thinking the same thing the other day the two thoughts I came up with are either do a partnership and put the other person's name or hide your name on the LLC by putting a register agent on it instead of yours. And then put an alteration on the name. For example if your name is Thomas brown you can put it as Tom Brown or use a middle name instead of Tom. Hopefully someone with more experience can come clean up any mistake I may have said. | I had once that Amazon asked a letter of authorization which the person I put in charge of the account worked for us. That was a CORPORATION though.
|
03-14-2019
| | Senior Member | | Join Date: Jul 2018
Posts: 12,088
Thanks: 1,622
Thanked 1,098 Times in 1,034 Posts
Activity: 89% Longevity: 33% | | Re: Stealth account and taxes
OP is saying AMZN wants the name of the income tax return of a single LLC,he said he does not want a partnership LLC.
|
03-14-2019
| | Senior Member | | Join Date: Jul 2018
Posts: 12,088
Thanks: 1,622
Thanked 1,098 Times in 1,034 Posts
Activity: 89% Longevity: 33% | | Re: Stealth account and taxes
There are other sites to sell,I just have my Sears account activated,it is geared more to selling manufactured goods ,not collectibles.
|
03-25-2019
| Senior Member | | Join Date: Mar 2019
Posts: 60
Thanks: 13
Thanked 2 Times in 2 Posts
Activity: 0% Longevity: 29% | | Re: Stealth account and taxes Quote:
Originally Posted by cmckim There are ways to do it without your name to be showing in case Amazon asks for Business license to verify. You can use any name to form a LLC or CORP but a better option is to ask your accountant or your lawyer do it for you so you can have them to authorize you to open your business bank account to avoid any trouble later on. Another option is to open your business with a register agent so your name won't show on the filling receipt either.
We all need to think at least 3 steps ahead... | What do you send in when they ask for an ID
|
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts HTML code is Off | | | |