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Old 02-18-2017
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Default I'm About To Turn 18 And Stressed About Paying Taxes

I started off using a family member who didn't use PayPal or eBay at all and the account eventually got limited. I'm going to turn 18 next month and am going to use my real name, new address because my current address is on a currently limited paypal. I'm going to open up a bank account when I turn 18 and use a vanilla visa probably for the CC verification.

I plan on opening up a business account so they don't ask for SSN that way from what I understand after reading the stealth guide and looking through these forums. But when will they ask for an EIN number? They only ask for an EIN or SSN once you get close to the 200 transactions + $20,000 limit correct?

If I just stop selling on that account for the year PayPal won't send me 1099k and report my income to the IRS. I know tax evasion is a stupid thing to do but technically can't I create a whole nother PayPal+eBay and do it over again?

I've seen some hints of users doing this but something that made me think that's not possible is doesn't the IRS or someone see how much money is going through all multiple bank account under my name? I know PayPal doesn't see the name on the bank account but doesn't someone? How does that work?

I buy most of my stuff with just cash or stuff from china.Which I don't have receipts for. When people report their income and the deductibles can you really just put a random number saying "I purchased this item for x" and that will automatically make your net profit different?

Just in need of some helpful knowledge from people who have been paying taxes on their eBay sales and people who haven't been lol.

Last edited by turtlepillow; 02-18-2017 at 04:28 AM.
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Old 02-18-2017
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Default Re: I'm About To Turn 18 And Stressed About Paying Taxes

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Originally Posted by turtlepillow View Post
... can't I create a whole nother PayPal+eBay and do it over again?
Sure but following stealth principles on account creation and operation
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Old 02-18-2017
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Default Re: I'm About To Turn 18 And Stressed About Paying Taxes

Aspkin is all about stealth, so why not get a stealth account? Additionally, for tax, just be honest all the way and there will be no problem. Provide all dropshipping information to ebay or the associated organizations.
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Old 02-18-2017
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Default Re: I'm About To Turn 18 And Stressed About Paying Taxes

Also remember your not taxed when you reach 20k. PayPal is just required to submit your info to the IRS. Even then you will only pay taxes on some of your profit not all. There are some members here who can explain it better but, i learned the IRS and taxes thing is not something to fear or worry about so long as everything is in order.
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Default Re: I'm About To Turn 18 And Stressed About Paying Taxes

When I recently tried to open a PayPal stealth I chose business account from the start. PayPal then asked me for business info, depending on the type I choose there was a field asking for EIN. I then chose sole proprietor and on the next page they asked for the last four SSN digits. I can't back out of that page and now PayPal has some of my acquired stealth info tied to that attempt.

So now I had to get new name, email, address, phone number and IP and going to try again to open a PayPal personal account this time. Just waiting on the new IP to come in.
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Old 02-18-2017
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Default Re: I'm About To Turn 18 And Stressed About Paying Taxes

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Originally Posted by Payelectronica View Post
Also remember your not taxed when you reach 20k. PayPal is just required to submit your info to the IRS. Even then you will only pay taxes on some of your profit not all. There are some members here who can explain it better but, i learned the IRS and taxes thing is not something to fear or worry about so long as everything is in order.
Glad to hear it man. Can you lead me to a thread that talks more about this? I've tried searching and haven't found exactly what I'm looking for.
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Old 02-18-2017
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Default Re: I'm About To Turn 18 And Stressed About Paying Taxes

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Originally Posted by BDapp View Post
When I recently tried to open a PayPal stealth I chose business account from the start. PayPal then asked me for business info, depending on the type I choose there was a field asking for EIN. I then chose sole proprietor and on the next page they asked for the last four SSN digits. I can't back out of that page and now PayPal has some of my acquired stealth info tied to that attempt.

So now I had to get new name, email, address, phone number and IP and going to try again to open a PayPal personal account this time. Just waiting on the new IP to come in.
I'm going to make a new PayPal next month after I turn 18 and to my understanding if you open up a business account (which is what I plan on doing) they don't ask for SSN or EIN until you get close to the $20,000+200 sales in one year threshold.

For you they required a SSN or EIN to verify your account entirely to start selling on eBay?
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Old 02-19-2017
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Default Re: I'm About To Turn 18 And Stressed About Paying Taxes

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Originally Posted by turtlepillow View Post
I'm going to make a new PayPal next month after I turn 18 and to my understanding if you open up a business account (which is what I plan on doing) they don't ask for SSN or EIN until you get close to the $20,000+200 sales in one year threshold.

For you they required a SSN or EIN to verify your account entirely to start selling on eBay?
Yup, it surprised me too when I was just signing up for Paypal. I didn't even sign up for ebay yet as I read you should sign up with Paypal first. The book was unclear about this, which lead to my mistake. They didn't ask for my full SSN, just last 4 digits. A seasoned member told me to just try 4 random numbers. But since this was going to be my first stealth, I wanted to try everything I can to make it secure. I decided to be cautious and just get new info and IP. Just got my IP today so I'm going to definitely go the Paypal personal route. Then give my EIN later down the line when I acquire it.
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Old 02-20-2017
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Default Re: I'm About To Turn 18 And Stressed About Paying Taxes

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Originally Posted by BDapp View Post
Yup, it surprised me too when I was just signing up for Paypal. I didn't even sign up for ebay yet as I read you should sign up with Paypal first. The book was unclear about this, which lead to my mistake. They didn't ask for my full SSN, just last 4 digits. A seasoned member told me to just try 4 random numbers. But since this was going to be my first stealth, I wanted to try everything I can to make it secure. I decided to be cautious and just get new info and IP. Just got my IP today so I'm going to definitely go the Paypal personal route. Then give my EIN later down the line when I acquire it.
I'll be doing the same then. But I think I'm just not going to let myself get to the $20,000 + 200 sales a year. Once I get around $15,000 I'll probably give that account a break for the year and create a new one.
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Old 02-20-2017
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Default Re: I'm About To Turn 18 And Stressed About Paying Taxes

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Originally Posted by turtlepillow View Post
I'll be doing the same then. But I think I'm just not going to let myself get to the $20,000 + 200 sales a year. Once I get around $15,000 I'll probably give that account a break for the year and create a new one.
Create the new one WELL in advance and begin building it
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Old 02-21-2017
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Default Re: I'm About To Turn 18 And Stressed About Paying Taxes

Quote:
Originally Posted by turtlepillow View Post
I started off using a family member who didn't use PayPal or eBay at all and the account eventually got limited. I'm going to turn 18 next month and am going to use my real name, new address because my current address is on a currently limited paypal. I'm going to open up a bank account when I turn 18 and use a vanilla visa probably for the CC verification.

I plan on opening up a business account so they don't ask for SSN that way from what I understand after reading the stealth guide and looking through these forums. But when will they ask for an EIN number? They only ask for an EIN or SSN once you get close to the 200 transactions + $20,000 limit correct?

If I just stop selling on that account for the year PayPal won't send me 1099k and report my income to the IRS. I know tax evasion is a stupid thing to do but technically can't I create a whole nother PayPal+eBay and do it over again?

I've seen some hints of users doing this but something that made me think that's not possible is doesn't the IRS or someone see how much money is going through all multiple bank account under my name? I know PayPal doesn't see the name on the bank account but doesn't someone? How does that work?

I buy most of my stuff with just cash or stuff from china.Which I don't have receipts for. When people report their income and the deductibles can you really just put a random number saying "I purchased this item for x" and that will automatically make your net profit different?

Just in need of some helpful knowledge from people who have been paying taxes on their eBay sales and people who haven't been lol.
IRS can see the money going to your bank account. Will they act on it? Slim to none. Unless you have millions or some large sums, you are just a small fly and they don't care.

It's always the very rich and businesses who do millions that they care about. Or some basic idiot with a w-2 that they ignore
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Old 02-21-2017
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Default Re: I'm About To Turn 18 And Stressed About Paying Taxes

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Originally Posted by jackdanielsbtch View Post
IRS can see the money going to your bank account. Will they act on it? Slim to none. Unless you have millions or some large sums, you are just a small fly and they don't care.

It's always the very rich and businesses who do millions that they care about. Or some basic idiot with a w-2 that they ignore
Yeah, that's true. I don't think I'll have more than $20,000 in that bank account this year. But what if I manage to make $100,000 in a year? Will that still be a fly to them?
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Old 02-21-2017
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Default Re: I'm About To Turn 18 And Stressed About Paying Taxes

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Originally Posted by rsot View Post
Create the new one WELL in advance and begin building it
Thanks for letting me know. Will do!
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Old 02-21-2017
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Default Re: I'm About To Turn 18 And Stressed About Paying Taxes

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Originally Posted by turtlepillow View Post
Yeah, that's true. I don't think I'll have more than $20,000 in that bank account this year. But what if I manage to make $100,000 in a year? Will that still be a fly to them?
You're getting along the lines of financial advice is beyond the scope of the forum turtlepillow - you will need an account to file taxes at some point
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Old 02-21-2017
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Default Re: I'm About To Turn 18 And Stressed About Paying Taxes

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Originally Posted by rsot View Post
You're getting along the lines of financial advice is beyond the scope of the forum turtlepillow - you will need an account to file taxes at some point
When do you think I should?

My problem is I don't know what to do for taxes because I rarely get receipts for the items I buy and usually make a good amount of profit on them. How would I do taxes without receipts?
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