Forum

Taxes
 

when using stealth does adding an ein number to your account provide proof of taxable income?

you know so you can get Loans without having check stubs from those weak 9 to 5

Re: Taxes
 

I don't think just adding an EIN to an account would be a way to prove your income. But you could probably use your 1099's for that.

Re: Taxes
 

Something you should be asking a financial professional such as an account or loan officer....beyond scope of forum

Re: Taxes
 

how when its like a million users here...im sure somone knows...thats like the reply every seasoned user says on here...

Re: Taxes
 

I think you could certainly make a case that it is proof of taxable income, but in the end it will be up to the Loan Officer to make the call.

Re: Taxes
 

Hey Christopher there could be several million users in this forum but no one would still want to go out on a limb and confirm what you are asking, what you would need to provide proof of income wise, to be able to get a loan.

Re: Taxes
 

Just ask your bank loan officer - keep it simple

Re: Taxes
 

just wanted some quick advice

im planning some things


so for anyone that doesnt mind answering

is it best to place ein and then file the earnings on the 1099?

Re: Taxes
 

I very much doubt a loan officer for let's say a vehicle purchase or home purchase will take your PayPal account as proof of income. They usually go for banking statements and tax returns. They want to know your net income, not gross.

What sort of loan?

Re: Taxes
 

NO lender these days will use a 1099 FOR Proof of income.

What you would need to do is open a company and get a Paycheck from it if you are young or have short credit history or lower credit score.

This would aid in your self employment being scrutinized as well because you would have an employer. Your accountant by all measn will help you with this. If you move some money you could easily have two forms of income stream from a LLC-s or S corp as well.

IF you are looking for an unsecured business loan, then bank deposits are most important. It is BEST to have a business LLC or EIN collecting your deposits. Heads up, almost all lenders today do not like the majority of deposits being made by paypal or amazon. Ways of working around this but again your accountant would suit you best.

Re: Taxes
 

i just purchased a car 2 months ago and i used my paypal for proof of income. but then again i was buying a 6k car that was used lol. and that is with dog**** credit.

Re: Taxes
 

Car docs are not verified.....The bank wont even see them.

If you were buying a new car or pretty new with decent credit or long credit history you would not have to supply proof of income at all.

Re: Taxes
 

you sure about that? Because if thats the case u could just use a ⊗⊗⊗⊗ stub lol

Re: Taxes
 

or a ⊗⊗⊗⊗ 1099K seeing as it is nearly impossible to find out if it is real......The lender certainly can not call up paypal and ask them. I addition, we all can issue 1099s. the form is free online or at your local tax office.

Re: Taxes
 

hmm. wonder if I could secure a $1mil home loan with ⊗⊗⊗⊗ stubs and 50% down lol

Re: Taxes
 

They double confirm any forms you give them since 2009 for Home purchases. BUT if you can raise capital and buy cash then walk into a small bank or credit union with deed in hand is something else altogether for pulling equity.