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How to bypass the 20k limit on a stealth account
 

So I'm asking this because I'm planning to start selling with a stealth account and I know that ebay will ask for verification after the 20K limit.

If I dont want to use my real SSN how can I bypass it? does any one has a suggestion? Even if you can not provide advice here and want to do it via pm you are welcome to :)

Thanks in advance

Re: How to bypass the 20k limit on a stealth account
 

EIN or multiple accounts. That's it.

Re: How to bypass the 20k limit on a stealth account
 

Can I add the EIN at the in early stages of my account?

Re: How to bypass the 20k limit on a stealth account
 

Yes you can.....

Re: How to bypass the 20k limit on a stealth account
 

You can but why would you want to? Dont add it until you absolutely have to it just in case something else happens to the account in which case if it was already added you pretty much 'burn' an EIN for nothing.

Re: How to bypass the 20k limit on a stealth account
 

I have the same question.
And I have a stealth account under a ⊗⊗⊗⊗ name that's nothing like my real name, can I still using an EIN for it?

I think people (including me) want to use the EIN early because what if you get to 200 sales and triggers the 1099, and if the EIN fails to apply, then we are screwed in terms of filing for tax at that point, aren't we.

Re: How to bypass the 20k limit on a stealth account
 

Yes you can apply an EIN because youll be changing the type of the paypal account to a business account and associating it with the business name - which is what paypal will be associating the EIN number when they check and verify it.
And you dont have to wait till you get their notice. Just wait till youre comfortable with the account being on solid ground.

Re: How to bypass the 20k limit on a stealth account
 

No need to bypass, just sell 18k each for every account you want to build.

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Re: How to bypass the 20k limit on a stealth account
 

thank you for the feedback, I feel more comfortable now.

Re: How to bypass the 20k limit on a stealth account
 

But 18k is not really much though and seems really easy to reach.

Re: How to bypass the 20k limit on a stealth account
 

When I do decide to upgrade to business, how should I go about it?
Should I upgrade eBay, and then Paypal?

Re: How to bypass the 20k limit on a stealth account
 

when and only when paypal demands and tax limits the account, you click, "upgrade" and then enter your newly formed business name, EIN etc...




I would NEVER add an EIN until I absolutely am required to. Never.

Re: How to bypass the 20k limit on a stealth account
 

screwed? How?

You are required by law to report all income no matter what.

Whoever receives the funds is legally responsible for taxes. If you withdraw to YOUR bank account, then you are responsible. If you withdraw to your business bank account, it is responsible

Re: How to bypass the 20k limit on a stealth account
 

18k on each x30 accounts not easy to reach though...

__________________
How to use Paypal correctly
Run multiple portable Firefox, 1 user account
How to add new PP to eBay
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Do you manage that many accounts on 1 computer via VPN or each account with dedicated up? I have 1 computer per account and I only have 2 so far..

Re: How to bypass the 20k limit on a stealth account
 

In theory, you can run as many as there are stars in the universe...
__________________
How to use Paypal correctly
Run multiple portable Firefox, 1 user account
How to add new PP to eBay
How to clean photos
Best image resizer

Re: How to bypass the 20k limit on a stealth account
 

I mean, not really, lol. Still a limited number of accounts possible.

I know you can but I am so worried that I will login vpn and ebay account with another accounts password.

Re: How to bypass the 20k limit on a stealth account
 

Then get organized. 30 accounts is not very hard to handle. It is not like you will be using 30 accounts all at the exact same time. Run 2, then when you get that perfected(in a day or two) add another and so on.

Re: How to bypass the 20k limit on a stealth account
 

Name the partitions names or numbers. I always cross check my vpn name to title name before logging in. I also always check my ip address before logging in EACH time. This is just a safety measure for vpn leak or drop out.

As for your limit on the tax information, remember, you'll quickly trigger it around 150-180 items far before the dollar amount.

Re: How to bypass the 20k limit on a stealth account
 

isn't it that you need to both meet item amount and dollar amount in order to trigger it?

Re: How to bypass the 20k limit on a stealth account
 

yes. In all reality Paypal will tax limit the account much ahead of that.

Re: How to bypass the 20k limit on a stealth account
 

WAAAAY before 25k if that helps your answer. I would say under 10k with close to 175 transactions.

Re: How to bypass the 20k limit on a stealth account
 

It all depends on the price of your items. If you are selling $500+ items, it can be over 20K SOMETIMES. BUt normal is 120 ish items if you sell slowly and 17K if you sell higher dollar items with a restriction right at or just over 20K

Re: How to bypass the 20k limit on a stealth account
 

How about in this scenario;

My accounts are all 1,000/25,000 or more but they are all still ramping up.
We are close to the holidays and by the time we are there each account probably has 50-70 items sold, that leaves me only about 80-100 items to sell in the holidays per account.

Would it be better to just outsell the limit (because of holiday) and pay Tax?
If I want to go the pay Tax route, can I retroactively register my business next year?

For example, if I have an eBay account with person name Laurence Tis, can I register a business named Laurence Tis Trading LLC (even though my name is not Laurence) and claim that eBay account for tax filing?

Re: How to bypass the 20k limit on a stealth account
 

The Paypal tax limiting thing, is that something Paypal will give notification of or is that something we stealth users have to calculate ourselves?

Re: How to bypass the 20k limit on a stealth account
 

This is the best option IMO, multiple accounts are the way forward.

Re: How to bypass the 20k limit on a stealth account
 

:doh:

You are required by law to pay taxes on income. What the heck does the 1099k have to do with taxes? There is not even a place on any tax form to add the 1099k. A 1099K is only a gross total of funds that were processed by a credit card by paypal on that one account. It really is nothing more than a very tiny tool for the IRS to catch dishonest people a few years down the road. Your 1099K is LESS THAN your income no matter what.

The only issue you should be seeing is if the account is good enough to add an EIN to or not. If the answer is no, then open more accounts.....

This forum is not a group of accountants here to serve your desire to hide money from the IRS. It is only about how to keep selling

Re: How to bypass the 20k limit on a stealth account
 

paying tax is fine.
I was referring the complication to pay tax for a 1099 that's under a different name than my own. So it is not about avoiding paying tax itself.

Re: How to bypass the 20k limit on a stealth account
 

what is complicated? you are withdrawing to your checking account in your name or your business right? Nothing complicated about that.

now in order to get a 1099K, you MUST provide paypal with the tax identification number and it must match the name on the account. That is why we create businesses and upgrade to business and add the EIN that matches our business.

Re: How to bypass the 20k limit on a stealth account
 

hmm...sounds like I have to provide Paypal the correct EIN before the end of the year if I go that route.

Ok, real question, if my Paypal name is Laurence Tis and I just register an LLC named Laurence TIS LLC and provide that EIN to Paypal? Is that good enough?

Re: How to bypass the 20k limit on a stealth account
 

create your company name anything you want.....
Feed My Cat INC
My Cat Pees On The Floor A Lot LLC
R.I.C. Realty Trust
XMPLSDIGNOCNSN LLP
Buck and Doe Down You Go Enterprises Incorporated
Internet Liquidations Specialists Limited Liability Company
Daren's & Donald's Limited Liability Partnership

Just a few ideas

Re: How to bypass the 20k limit on a stealth account
 

So all Paypal cares for is the EIN not the company name?

Re: How to bypass the 20k limit on a stealth account
 

You lost me.

You UPGRADE TO A BUSINESS ACCOUNT. You then change the name to YOUR COMPANY NAME and add your EIN.

If you go to the IRS website, get an EIN and create a company, then change your paypal to that company name and EIN, what does not match?

Where are you getting confused?

Re: How to bypass the 20k limit on a stealth account
 

Re: How to bypass the 20k limit on a stealth account
 

Ah I didn't know have to change Paypal name.

What about eBay account. Do I change to business or not?

I still intend to run multi accounts but I am also interested in an actual business just so you know :)

Re: How to bypass the 20k limit on a stealth account
 

Makes no difference to ebay but sure you can.

Re: How to bypass the 20k limit on a stealth account
 

understood

Re: How to bypass the 20k limit on a stealth account
 

The cliff notes to your question that Yankee has pointed out is the following:

1. Search your state of choosing to file your EIN in for an LLC name. This can be any name you can fathom.
2. Go to IRS and get the EIN. You can get one per day any business day of the week.
3. Simply click to upgrade to a business account under Paypal. Then add the number through the screens. You can even leave the name the same. They simply want the EIN to report to the IRS. And the IRS only cares you claim the 1099 form paypal sends them for you llc/ein number information.
4. It is simple as that. You dont have to go changing information on ebay and paypal. Each agency (IRS and Paypal) dont overlap except the number itself.
5. As for filing for you LLC through a state, it is different with each state. You usually have a several month to a year grace period. Some are more expensive than others to do the court processing.

As an accountant, I would highly recommend paying your taxes. The IRS does not play.

Re: How to bypass the 20k limit on a stealth account
 

Just save yourself the trouble. Spread it out. I run 10 accounts myself. Run multiple accounts and keep the sales numbers low on each one. Stay under the radar