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Old 12-01-2018
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Default Got the 1099 from PayPal now what?

I've been reading a lot about this and I use a stealth acct. The usual posts are PAY YOUR TAXES! in caps. Now my question is since we're almost at the end of the calendar year can I just ignore the PayPal request? I do taxes directly from my ebay records since PayPal acct is a stealth one I can't provide them my SSN nor EIN. Also can I keep sales under 200 every calendar year altogether? Will my acct get limited?
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Old 12-01-2018
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Default Re: Got the 1099 from PayPal now what?

Your post is a bit confusing.
You say you got the 1099 already? but then you say you did not. Which is it?
If you have an EIN then you have no problem. Do things properly and provide them with an EIN and pay your taxes - get an accountant and ask him all these questions.
If you did NOT provide an EIn and have been asked for it then stop using the account for the rest of the year and hope it goes away in the new year.
And yes you can void getting to $20k in a year and avoid having to deal with it. You can spread your sales across multiple accounts to help with this. You still need to be concerned about reporting your income though cause if you get audited youll have serious explaining to do about where the money you have came from.
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Old 12-01-2018
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Default Re: Got the 1099 from PayPal now what?

Welcome to the forum - all the best as you master stealth

Besides slokor's solid advice OP, paypal can limit accounts based on PROJECTED SALES RATE.
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Old 12-01-2018
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Default Re: Got the 1099 from PayPal now what?

Quote:
Originally Posted by slokor View Post
Your post is a bit confusing.
You say you got the 1099 already? but then you say you did not. Which is it?
If you have an EIN then you have no problem. Do things properly and provide them with an EIN and pay your taxes - get an accountant and ask him all these questions.
If you did NOT provide an EIn and have been asked for it then stop using the account for the rest of the year and hope it goes away in the new year.
And yes you can void getting to $20k in a year and avoid having to deal with it. You can spread your sales across multiple accounts to help with this. You still need to be concerned about reporting your income though cause if you get audited youll have serious explaining to do about where the money you have came from.

So whatís the best answer when the accountant ask you about the PayPal accounts of course youíre not going to tell him itís stealth accounts
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Old 12-02-2018
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Default Re: Got the 1099 from PayPal now what?

The accountant works for YOU - hes NOT the IRS.
The fact youre going to him in order to PAY taxes is all he will care about. The whole point is to ask him how to go about it in the most advantageous way for you - just ask Trump and his accountants who allowed him to get away with paying nothing for decades.
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Old 12-06-2018
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Default Re: Got the 1099 from PayPal now what?

Well, Idk how to go about this b/c PayPal wants the information to match my full name and address. I guess I'll wait until the year ends, but they said my account will get limited if I don't give them this info.
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