New To Stealth Advice on back accounts and tax

[qleverett88]

First off I just want to say I really appreciate ALL of you guys. You really give me faith. I have been selling on ebay since I was 15 off and on. The OFF times were mostly due to VERO. JUST SAY NO! lol I am back researching because the next time i start i will do it right and do it for longevity.

OK! MY QUESTION:

I am about to purchase 10-15 accounts. This way I can start selling but pace myself. I will do it slowly but with 15 accounts the money will all add up. I will of course need 15 back accounts if i plan to spread sales over 15 accounts. There are plenty of you guys who say you have a ton of accounts at a time. My question is HOW! what banks can I open that many bank accounts ?? I will be selling legit items so how will i pay tax's if i dont have an LLC. I want to be legal with no worries. PLEASE HELP GUYS im on here all the time getting help from you guys i just need a bit more. Thanks!

[mcmx]

My bank told me I could open 100 additional accounts if I wanted to..Most are fine with it. There's sometimes a limit to how many you can open online but it's pretty much unlimited if you go in-person to a branch. I'd assume things are the same within the US for you. As for taxes, nobody here can help you with that..

And I wouldn't really recommend buying 10-15 accounts at once.

[yotano211]

opening 15 bank accounts is very easy. look for online banks like ing direct, usaa, and others. open 5-7 accounts at each bank and you're in business.

[mcmx]

Originally Posted by yotano211

opening 15 bank accounts is very easy. look for online banks like ing direct, usaa, and others. open 5-7 accounts at each bank and you're in business.

Why not just open them all at the same bank....So much easier... Then you can transfer it all to your main one with little or no fees whatsoever.

[jeffweico]

An account rep will always tell you that you can have as many bank accounts as you want. While that is TECHNICALLY true, if you have a lot of accounts open and money coming in under many different names, it could red-flag the accounts to be reviewed by the fraud department.

I would recommend no more than 5-6 accounts per bank AND keeping the money flowing through the accounts REASONABLE. You do not want the bank to think you are a part of an international crime ring.

And, YES, you will have to pay taxes on your profits, whether as a sole proprietor, corporation or LLC. But the legal structure and reporting of this income is best left to a tax professional.

[GreenBean]

Originally Posted by mcmxcivjm

Why not just open them all at the same bank....So much easier... Then you can transfer it all to your main one with little or no fees whatsoever.

Because the wise, the sensible users never put all thier eggs in the same basket.

It is certainly NOT easier to lump all bank accounts together.

Yes, a bank might try to get your business. But the moment a certain number of accounts are opened, that very bank starts checking for the reasons.

Opening 100 accounts at one bank is stupid from a stealth pov. Never recommended here.

[GreenBean]

Originally Posted by qleverett88

OK! MY QUESTION:

I am about to purchase 10-15 accounts. This way I can start selling but pace myself. I will do it slowly but with 15 accounts the money will all add up. I will of course need 15 back accounts if i plan to spread sales over 15 accounts. There are plenty of you guys who say you have a ton of accounts at a time. My question is HOW! what banks can I open that many bank accounts ?? I will be selling legit items so how will i pay tax's if i dont have an LLC. I want to be legal with no worries. PLEASE HELP GUYS im on here all the time getting help from you guys i just need a bit more. Thanks!

Welcome to the forum.

I'll be blunt. B4 you go purchase one account, let alone 10, YOU need to read the forum.

You need to read until you are overwhelmed. Simple one line answers are not going to be correct for your proposed plan.
Then after you recover from being overwhelmed, you read more.

Each of your questions is techinically answered in other threads. Here's some to get you going ( in no special order)

http://www.aspkin.com/forums/paypal-...-usa-only.html

http://www.aspkin.com/forums/paypal-...sides-boa.html

Small start....

[qleverett88]

iv read my brains out trust me. it just doesnt seem fair to be a member and no post threads and bringing out new answers. I want to be sure, with ebay things change alot

[SUVE]

You may have read it but have you understood & comprehended it ??? You need to grasp the basics before you even venture into more intricate operations.

[qleverett88]

Originally Posted by SUVE

You may have read it but have you understood & comprehended it ??? You need to grasp the basics before you even venture into more intricate operations.

-_- yes i read it and comprehended it. Im not brain dead to the hurdles you get with ebay. Iv been on ebay for years because someone asks a question doesnt mean you need assume.

[slim jim]

Originally Posted by qleverett88

-_- yes i read it and comprehended it. Im not brain dead to the hurdles you get with ebay. Iv been on ebay for years because someone asks a question doesnt mean you need assume.

no need to be nasty. these guys could've just told you go buy accounts instead they told you the proper way which is to take it slow. you may have been on ebay for years but obviously you weren't stealth for years. take the constructive criticism and don't be so snippy

[qleverett88]

wasnt being stippy. i appreciate the help. But I read the book iv been reading and "comprehending" I just want to be sure and ask questions i.e. contributing to the site. Because when a question gets answered it help many people not just one. But thanks guys!

[SUVE]

The best advice I can give you is.....use the search function on the board.....it will provide the answers to the bulk of the basic questions you've posed here.

[makaveliagain]

Originally Posted by jeffweico

An account rep will always tell you that you can have as many bank accounts as you want. While that is TECHNICALLY true, if you have a lot of accounts open and money coming in under many different names, it could red-flag the accounts to be reviewed by the fraud department.

I would recommend no more than 5-6 accounts per bank AND keeping the money flowing through the accounts REASONABLE. You do not want the bank to think you are a part of an international crime ring.

And, YES, you will have to pay taxes on your profits, whether as a sole proprietor, corporation or LLC. But the legal structure and reporting of this income is best left to a tax professional.

If you open 100 bank account in the US you will have homeland security knocking on your door. With the Patroit act and other Anti-Money laundering laws here. The above user is absolutely correct. You should be very careful about how crazy you go opening bank accounts. This is regardless of weather you pay all your taxes and sell legit items, etc. Certain things raise red flags for suspicious activity. Too many bank accounts would be one.

[GreenBean]

Originally Posted by qleverett88

iv read my brains out trust me. it just doesnt seem fair to be a member and no post threads and bringing out new answers. I want to be sure, with ebay things change alot

Yeah, well the reading should have told you TAX is for paypal.

You get your tax position in order to comply with the IRS requirements as you use paypal or any other processor.

You also seek professional tax advice

Internal Revenue Service

.