Question: Taxes with Amazon Ghost

jmag91 · #1 03-20-2018

What's up guys. I'm going to be firing up an Amazon Ghost account shortly and was wondering how you guys go about doing taxes once you reach that $20k mark in sales.

What's the best way to go about this?

Any thoughts/ideas are welcomed and greatly appreciated.

Cheers friends,
jmag

Gladiator · #2 03-20-2018

Are you confused about getting an EIN or how to pay your taxes?

jmag91 · #3 03-20-2018

Oh okay I understand the EIN route. So that's the way to go about this? I've used an EIN with PayPal before, is it possible to use that same one for the Amazon account?

Thanks

rsot · #4 03-20-2018

For tax questions, you seek financial professional. Paypal and Amazon are not related so EIN used on one can be used on other

elmo · #5 03-20-2018

Quote:

Originally Posted by jmag91

Oh okay I understand the EIN route. So that's the way to go about this? I've used an EIN with PayPal before, is it possible to use that same one for the Amazon account?

Thanks

Yes you can use the same one you used on Paypal, assuming you have not used it on Amazon before etc.

dallis · #6 03-20-2018

You have to pay taxes even if you don't reach the 20K amount.

If you don't know that you're heading for serious trouble.

Get tax help. ASAP.

jmag91 · #7 03-20-2018

Thank you elmo and rsot! Appreciate it.

@dallis Yes no worries there, I always pay my taxes. Just wondered about getting a 1099 with a ghost account. EIN solves it though.

Gladiator · #8 03-20-2018

The EIN needs to match the name of the store, so keep that in mind.

**SaiJin** · #9 03-20-2018

I was actually dealing with this too, my CPA actually did all the work for me.
I paid $200 for him to file for me and take care of everything.

He also has many clients making millions who use him and because it can get a little complicated like this he was hired every year.

What I normally do is I make an amazon business account then I match the name of the business to the EIN name. Everything else is the job of the CPA.

Do you have or can find a CPA that has lots of experience with amazon sellers? I think it'd make your life a lot easier.

rsot · #10 03-20-2018

Quote:

Originally Posted by jmag91

Thank you elmo and rsot! Appreciate it.

@dallis Yes no worries there, I always pay my taxes. Just wondered about getting a 1099 with a ghost account. EIN solves it though.

Good stuff to hear - keep at it.