Paypal Limited & Demanding SSN or EIN

[Allfor5]

My stealth paypal is limited

It is demanding a SSN or EIN

I heard that I need to make an EIN and all should be good and upgrade paypal to a business account.

Few things. When I apply for EIN, do I choose sole proprietorship? LLC? Corporation, etc?


Let's say I did not want to apply for an EIN and I wanted to start a new stealth paypal. For tax purposes, would I rely on the deposits made into my bank account that is dedicated to my stealth paypal (assuming the IRS can see money coming in and will want to question it).

Also.



Just a few general questions ( I know the reply is usually "we are not accountants") but......

In general, other than product cost, ebay/paypal fees, shipping fees, packaging supplies, are things which can be deducted from sales for tax purposes?

Have you guys ever deducted gas, food ("business meetings"),

What if you purchased a lot of product "off the street" even generic items but have no receipt, can u still deduct that?

[shani1212]

Allfor5, for business purpose it is advised that you open as sole proprietary LLC and provide the EIN number to PP and all should be fine.

Deduction from your tax ?, would be good advised if you discuss that with your account. 2013, one of my 1099 was gross 30,000 and I showed expenses for 13,000 and I just paid about 1200 dollar on tax for that account only. If you earn, you have to pay uncle Sam, and that's how it works with IRS buddy...

[Allfor5]

Originally Posted by shani1212

Allfor5, for business purpose it is advised that you open as sole proprietary LLC and provide the EIN number to PP and all should be fine.

Deduction from your tax ?, would be good advised if you discuss that with your account. 2013, one of my 1099 was gross 30,000 and I showed expenses for 13,000 and I just paid about 1200 dollar on tax for that account only. If you earn, you have to pay uncle Sam, and that's how it works with IRS buddy...

Wow, that's good tax.

Just a question. When you file for example, do you list expenses as "Cellphone cases" or use brand name. thx