how do you guys do taxes? - eBay Suspended & PayPal Limited Forums
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 > Marketplace Discussions > eBay Discussion! > eBay Suspensions

eBay Suspensions General issues related to eBay Suspensions. Mostly geared towards eBay.com.

Reply
 
Thread Tools
  #1  
Old 01-03-2008
Junior Member
 
Join Date: Nov 2007
Posts: 87
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 93%
iTrader: (0)
Default 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?
Reply With Quote
The complete step-by-step guide to get back to selling today!

  #2  
Old 01-03-2008
Junior Member
Threadstarter  
 
Join Date: Nov 2007
Posts: 87
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 93%
iTrader: (0)
Default

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.)?
Reply With Quote
  #3  
Old 01-03-2008
Junior Member
Threadstarter  
 
Join Date: Nov 2007
Posts: 87
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 93%
iTrader: (0)
Default

Quote:
Originally Posted by savahaganda View Post
I would not even file... I never file ebay income... just look at it as tax free money
how much do you make?arent u afraid of IRS?
Reply With Quote
  #4  
Old 01-03-2008
imjustme's Avatar
Executive [VIP]
 
Join Date: Aug 2007
Posts: 2,753
Thanks: 1
Thanked 509 Times in 257 Posts
Activity: 0%
Longevity: 95%
iTrader: (0)
Default

Taxes? What taxes? :D
Reply With Quote
  #5  
Old 01-03-2008
Banned
 
Join Date: Jun 2007
Posts: 1,774
Thanks: 0
Thanked 16 Times in 10 Posts
Activity: 0%
Longevity: 96%
iTrader: (0)
Default

^^ your way of think is going to screw yourself over real good soon.....Ir
Reply With Quote
  #6  
Old 01-03-2008
Jonas's Avatar
Senior Member
 
Join Date: Apr 2007
Posts: 1,959
Thanks: 5
Thanked 19 Times in 17 Posts
Activity: 0%
Longevity: 98%
iTrader: (0)
Default

Quote:
Originally Posted by savahaganda View Post
we have about 2 million to 3 million illegal immigrants in the USA... I dont see them filiing taxes.

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.
Reply With Quote
  #7  
Old 01-04-2008
Junior Member
Threadstarter  
 
Join Date: Nov 2007
Posts: 87
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 93%
iTrader: (0)
Default

Quote:
Originally Posted by Jonas View Post
Money goes into my bank accounts. I keep track of every expense and income and do that.

When I buy prepaid cards, I put them as expense. I think give the IRS the card numbers, explain why I used them, and give the IRS a list of all uses until the card hits 0 (which ones bought in the prior year will by April 15) to show it was only used for business. Any deposits in my bank account for business I count as income. Any business expenses I count as business.

I give the IRS over 20 pages of all my math calculations, my bank accounts used, my credit cards used to buy, etc.
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
Reply With Quote
  #8  
Old 01-04-2008
imjustme's Avatar
Executive [VIP]
 
Join Date: Aug 2007
Posts: 2,753
Thanks: 1
Thanked 509 Times in 257 Posts
Activity: 0%
Longevity: 95%
iTrader: (0)
Default

In the US you're probably better off doing your taxes, since everything that comes into your bank account gets recorded, I believe.
Reply With Quote
  #9  
Old 01-04-2008
Junior Member
Threadstarter  
 
Join Date: Nov 2007
Posts: 87
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 93%
iTrader: (0)
Default

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..
Reply With Quote
  #10  
Old 01-04-2008
aspkin's Avatar
Administrator
 
Join Date: Jan 2007
Posts: 10,573
Thanks: 2,864
Thanked 3,624 Times in 1,547 Posts
Activity: 50%
Longevity: 100%
iTrader: (24)
Default

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.
__________________
\_(ツ)_/ Get -->

Notice: A SHORT & SWEET PM gets answered before ANY other PMs sent me.
Reply With Quote
  #11  
Old 01-04-2008
Jonas's Avatar
Senior Member
 
Join Date: Apr 2007
Posts: 1,959
Thanks: 5
Thanked 19 Times in 17 Posts
Activity: 0%
Longevity: 98%
iTrader: (0)
Default

Quote:
Originally Posted by savahaganda View Post
I am married... my wife is Mexican, I could not stand getting married to an american woman... just not my type of woman.... asides that... american women are worse than eBay.... HA HA HAH AHAHHAHA AHHA AHAHAH
I thought you were a girl based on your avatar. You're male?
Reply With Quote
  #12  
Old 01-04-2008
imjustme's Avatar
Executive [VIP]
 
Join Date: Aug 2007
Posts: 2,753
Thanks: 1
Thanked 509 Times in 257 Posts
Activity: 0%
Longevity: 95%
iTrader: (0)
Default

Quote:
Originally Posted by Jonas View Post
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
Reply With Quote
  #13  
Old 01-04-2008
ebayhateluv's Avatar
Junior Member
 
Join Date: Oct 2007
Posts: 2,329
Thanks: 0
Thanked 105 Times in 41 Posts
Activity: 0%
Longevity: 94%
iTrader: (7)
Default

Why so much interest in the tax questions?? Making me paraniod..
IRS agent??
Reply With Quote
  #14  
Old 01-04-2008
Junior Member
 
Join Date: Nov 2007
Posts: 68
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 93%
iTrader: (0)
Default

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.
Reply With Quote
  #15  
Old 01-06-2008
Junior Member
Threadstarter  
 
Join Date: Nov 2007
Posts: 87
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 93%
iTrader: (0)
Default

Quote:
Originally Posted by ebayhateluv View Post
Why so much interest in the tax questions?? Making me paraniod..
IRS agent??
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..
Reply With Quote
Reply



Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Taxes and eBay rogueseller eBay Discussion! 11 12-26-2007 10:34 PM
Bye guys, it's been fun... imjustme Everything Else 8 10-30-2007 12:53 PM
Just receive Paypal's new Privacy policy 7-16-07, to share with you guys altu eBay Suspensions 2 07-16-2007 11:40 PM
You guys may think I am stupid but..... needsomehelp eBay Discussion! 2 06-23-2007 02:56 AM


Aspkin Group

All times are GMT -5. The time now is 06:16 AM.


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 - 2019, Jelsoft Enterprises Ltd.
Ad Management by RedTyger
no new posts