Taxes

[Zilligenaire]

I'm going to have a professional do my taxes this year. Did you guys bring paypal/ebay statements from each stealth account? Or should I just consolidate everything into one spreadsheet?

Thanks

[slapped]

You should ask your Accountant that, it is different depending the state that you live

[Kajunrook]

Well MY CPA said I COULD NOT turn in 1099s for paypal accounts not in my legal name.

[phaz0rz]

I just take in my 1099's.

Kajun please stop starting every single post with "Well". Your CPA is wrong.. nothing wrong with a business name on the 1099.

[ibmcorp]

Originally Posted by eman350

I never paid ebay taxes in 10 years, nothing ever happened to me.

Did you do less than $20k a year in sales?

[walkingupwards]

Originally Posted by eman350

I never paid ebay taxes in 10 years, nothing ever happened to me.

If you have been withdrawing money to your bank account during these last 10 years, you will be in hot water for sure. However, if you cashed out in different ways, you could in theory get away with it.


Even if you make small deposits into your bank account, you will be flagged (especially in the US).


I don't know if you're trolling or not, but I hope that is the case.


Good luck!

[Kajunrook]

Wasn't business the name was a John Doe? and my accountant said the chances of an audit were astronomical if I turned in a 1099 in a name (not company) that was not mine?

Originally Posted by phaz0rz

I just take in my 1099's.

Kajun please stop starting every single post with "Well". Your CPA is wrong.. nothing wrong with a business name on the 1099.

[phaz0rz]

Originally Posted by Kajunrook

Wasn't business the name was a John Doe? and my accountant said the chances of an audit were astronomical if I turned in a 1099 in a name (not company) that was not mine?

I had 1099's go out with stealth names + my EIN before and it didn't cause me any problems.

I'm pretty sure all my 1099's go out with the LLC name now though.

Either way though, stealth name on the 1099 will work. My LLC's are pass through entities so the 1099's are just used to calculate #'s for my personal return.

Just my experience. I don't like talking about tax/legal business related stuff on here anymore so I'll leave it at that.

[SaiJin]

You need to talk to a CPA who is used to dealings with eBay or amazon.
You'll know when you meet one.

[Zilligenaire]

Originally Posted by phaz0rz

I had 1099's go out with stealth names + my EIN before and it didn't cause me any problems.

I'm pretty sure all my 1099's go out with the LLC name now though.

Either way though, stealth name on the 1099 will work. My LLC's are pass through entities so the 1099's are just used to calculate #'s for my personal return.

Just my experience. I don't like talking about tax/legal business related stuff on here anymore so I'll leave it at that.

If my EIN isn’t of any of the stealths would that cause a problem?

[newjerseymax]

I take mine to taxman. I feel better if audited, at least I was not attempting to avoid taxes.

[eman350]

Originally Posted by ibmcorp

Did you do less than $20k a year in sales?

I have many stealth accounts, I keep the amounts under 20k a year on each account. Ebay or paypal never sent me a 1099 form. I never paid them taxes in 10 years since selling with ebay and paypal. Nothing ever happened yet. If somthing ever does, I will inform you guys asap.

[rsot]

Originally Posted by eman350

I have many stealth accounts, I keep the amounts under 20k a year on each account. Ebay or paypal never sent me a 1099 form. I never paid them taxes in 10 years since selling with ebay and paypal. Nothing ever happened yet. If somthing ever does, I will inform you guys asap.

You have been having decent luck if so - wouldn't necessarily recommend this in general. The advice of using professional financial help is good.