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  #45  
Old 04-25-2019
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Default Re: Paypal taxes in another persons name SSN

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Originally Posted by johndo28 View Post
Whats wrong with opening a legitimate 2nd account for backup? Would you rather me setup a stealth account and jump though all the hoops?
but you are going to use another relative credentials?
who is it?
your mother in law,if so,she deserves it,
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  #46  
Old 04-25-2019
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Default Re: Paypal taxes in another persons name SSN

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Originally Posted by johndo28 View Post
Im not an accountant are you? Do you have an alternative way to do it without my father taking the burden?
Yes, pay the damn taxes FOR HIM! That's no burden on him lol
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  #47  
Old 04-25-2019
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Default Re: Paypal taxes in another persons name SSN

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Originally Posted by johndo28 View Post
Im not an accountant are you? Do you have an alternative way to do it without my father taking the burden?
I told you,what ever the profit comes to,add you as a contract worker and your salary = profit,then the bottomline is zero.
He has to send you a 1099 and you report it as salary/wage.
his accountant would know how to handle it.
Your accountant should know better,sales - cogs =0,the what about expenses,add that to 0,he has a loss which he can claim on his 1040.
he should suggest adding all the legi expenses to this business and come up with a loss or profit,
if a loss,then no need to get you invloved,if a gain,then wipe that gain out with sending you a 1099 as contract worker.
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  #48  
Old 04-25-2019
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Default Re: Paypal taxes in another persons name SSN

what does your father do?
You said he has a business.
is it incorporated ?if so,dos he file a business income tax return ?
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