eBay Suspension & PayPal Limited Forums  
Join Today
Register Subscribe
     

Registration is fast, simple and absolutely free so please, join our community today!


Go Back   Home

eBay Suspended & PayPal Limited Forums

eBay Suspended & PayPal Limited Forums (https://www.aspkin.com/forums/)
-   eBay Discussion! (https://www.aspkin.com/forums/ebay-discussion/)
-   -   Need help on paypal upgrade to business account (https://www.aspkin.com/forums/ebay-discussion/89618-need-help-paypal-upgrade-business-account.html)

392845481 09-21-2015 12:56 PM

Need help on paypal upgrade to business account
 
Hello
I am a new guy here looking for help. After reading ebay stealth, i still have some question about my paypal. My account total selling is around 17000.It's only 3000 dollar away from the 200/20000 mark. So after i upgrade to the business account. How do i report my revenue to the IRS, i mean how exactly do it? Any one have experience can guide me through step by step?Is there any way i can minimum my tax? Any suggestion will be grateful. Thanks

MM78 09-21-2015 01:07 PM

Re: Need help on paypal upgrade to business account
 
1st. Your going to need to file for an EIN

2nd. When you Upgrade you then add your EIN to your PayPal, also note that PayPal is also asking for the last "4" digits of your SSN. The way around that is to add the last "4" of your EIN.

3rd. Once you get to the 200/$20,000 limit PayPal will send you the appropriate docs to your email for filing your Taxes.

Quote:

Is there any way i can minimum my tax?
Yeah...spread sales across multiple accounts.

392845481 09-21-2015 02:09 PM

Re: Need help on paypal upgrade to business account
 
Quote:

Originally Posted by MM78 (Post 707207)
1st. Your going to need to file for an EIN

2nd. When you Upgrade you then add your EIN to your PayPal, also note that PayPal is also asking for the last "4" digits of your SSN. The way around that is to add the last "4" of your EIN.

3rd. Once you get to the 200/$20,000 limit PayPal will send you the appropriate docs to your email for filing your Taxes.

Yeah...spread sales across multiple accounts.

Thanks for your help. So when i get the paper from paypal. Do i have to tell IRS exactly what i am selling on ebay? Or just a category will be enough? I cross multiply category, clothes, electric, etc.

solefoodbk 09-21-2015 02:17 PM

Re: Need help on paypal upgrade to business account
 
Just remember at the end of the day as long as you pay your taxes, in reality IRS could careless what you sell. Obviously if it was illegal then yea thats a different story but its not like if you got hired at a restaurant they would ask you what type of food you serve same thing with selling.....

Unless you get audited.

:pout:

MM78 09-21-2015 03:32 PM

Re: Need help on paypal upgrade to business account
 
Quote:

Originally Posted by 392845481 (Post 707222)
Thanks for your help. So when i get the paper from paypal. Do i have to tell IRS exactly what i am selling on ebay? Or just a category will be enough? I cross multiply category, clothes, electric, etc.

No, the IRS doesn't care in particular...what might matter is if you buy merchandise with a Resellers Permit....but I think that has to do with State Taxes.


All times are GMT -5. The time now is 09:05 PM.

vBulletin® Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Ad Management by RedTyger


Aspkin Group

All times are GMT -5. The time now is 09:05 PM.


Stop the guessing games and learn how you can quickly and easily get back on eBay today!
Read the best selling step-by-step eBay Suspension guide eBay Stealth!
Amazon Suspension? Read Amazon Ghost to get back on Amazon!
vBulletin® Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Ad Management by RedTyger

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58