Forum

how do you guys do taxes?
 

I am just wondering how you are handling your reporting of income for tax purposes? If you use ⊗⊗⊗⊗ info how can you file correct income? Also how much of online sales are ok in order not to get flagged by the bank and being reported to IRS? I have sold stuff on eBay for about a year and didnt report anything..my gross sales probably went over $20k. but I didnt keep any records and not even sure about my profits..what should I do? Should I still report some income, estimated? Will my bank give me away with the amounts coming in and going out?

also what is the significance of EIN(employer identification number)? is it required to get if you are doing business from home? or is it helpful to have for anything in future(paypal verification etc.)?

how much do you make?arent u afraid of IRS?

Taxes? What taxes? :D

^^ your way of think is going to screw yourself over real good soon.....Ir

Aren't you the person who said they were from a country just south of Mexico? You never answered if you were here legally.


Anyway, the Mexicans usually get paid cash. If not, then they steal someone's social security number and name and use it on job applications, but they'll still try to cash the check without opening a bank account. Lots of white trash people who live in urban areas also for some reason (they all can't be sellings drugs for their living or arrest warrants out for all of them so I don't know what the reason is) avoid having any kind of bank accounts and go through lots of work whenever they want to try to cash a check.


Anyway the illegal immigrants have different careers than e-bay sellers, see this website Also people who sell flowers and food on the side of the highway only take cash.

Do you do your taxes yourself? and doesnt it cause a problem using different names on the credit cards or when you get the reports from eBay and PayPal to show as business expense and they see that the name the address etc. is all different. Dont they care about that? or do they only care about what goes in and out of your bank account?
It really feels like it shouldnt be that simple.Yes I didnt report anything so far but now I am going to register a business and have a business bank account and all that stuff to try to get back on eBay(trying to be as legit as possible, heck if it fails again I will have to go the shady way, but still afraid of IRC coming after me one day because of the activitiy in my bank accounts.I heard horror stories from some relatives, they scared me big time:))
How does Chris Hanson do it? He really looks like he is the real pro here ;)

In the US you're probably better off doing your taxes, since everything that comes into your bank account gets recorded, I believe.

By the way I am a legal immigrant too.. and I have many friends who came here with some sort of visas and stayed after their time was up..they all even own businesses..real brick and mortar businesses..(one of them just bought a pizzeria)..eventually they try to have a ⊗⊗⊗⊗ marriage for a green card..paying some poor girl..otherwise they are stuck here and cant go visit home..
IMHO I dont like this kind of behaviors..its not fair..

It's best to pay your taxes. You can report an estimated income, go off bank records, deduct what you can and you'll be okay. I don't look forward to tax time, but it's a part of business.

I thought you were a girl based on your avatar. You're male?

Oh the thought of having barked up the wrong tree for so long :D

Why so much interest in the tax questions?? Making me paraniod..
IRS agent??

My other job is a tax preparer. When my clients bring in their paperwork, it is basically only the numbers. All you need to do is get your income and expenses or estimated, if you don't know and plug that into your form.

The ⊗⊗⊗⊗ names and addresses may never even come into play. The only thing the IRS wants is their money.

IRS agent? I would probably be dumbest IRS agent ever lol! man you made me laugh..
the reason I am asking is I dont want to get in trouble..well, I dont want my wife to get in trouble as well..the lasy eBay account was in her name..bank account etc..eventually I transferred everything to my bank account..so when I heard people saying bankc can report certain amounts going in your account, I didnt want IRS knocking on my door down the road..I have been trying to reach my accountant who does my regular income taxes but cant reach him..

Aspkin, can I just tell me account an estimate number? like, hey this year I did sales of $30000 and had expenses of $20000 on my side business(not registered whatsoever) and had a profit of $10000 at the end of year..and he just adds that to my regular pay and calculates taxes? is that how it works?

thanks guys..