Paypal and the irs - plzzz help

[Issac]

Hey if anyone has any solutions it would be greatly appreciated.

I opened a business PayPal account and they require to add my name. So i would add my stealth name.

I'm Simply trying to figure out how can i file my 1099-k taxes form when my PayPal account would be under a stealth username, and my taxes or my real name????

Thanks in advance.

[rsot]

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

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You can read around the forum here for discussions or wait for more members to post but tax questions are best handled by financial professionals

[phaz0rz]

You'd add an EIN so the 1099k would be issued in the name of your real business and EIN. Then you'd pass the income to your personal tax return on a schedule C form.

[JamesNorth101]

If your based in the US then you just go down the EIN route

[Issac]

Originally Posted by phaz0rz

You'd add an EIN so the 1099k would be issued in the name of your real business and EIN. Then you'd pass the income to your personal tax return on a schedule C form.

Hey thanks for the reply. But i still didn't understand your answer because everything is still under my legal name when opening up an LLC and registering for an EIN.
While my paypal is under a stealth name, and paypal can easily check the records.
Please elaborate.

[phaz0rz]

Assuming you're using a single member LLC, which is a pass through entity, your LLC will not file its own tax return. You calculate your profits using the 1099k which will be issued in the name of your LLC and EIN. Then you pass those profits to your personal tax return on a schedule C form (profit or loss from business form).



You using your real name to apply for the EIN and open the LLC is meaningless.

[agent006140]

when it comes time to prepare your tax return,just give that LLC 1099K to your accountant

[Issac]

Originally Posted by phaz0rz

Assuming you're using a single member LLC, which is a pass through entity, your LLC will not file its own tax return. You calculate your profits using the 1099k which will be issued in the name of your LLC and EIN. Then you pass those profits to your personal tax return on a schedule C form (profit or loss from business form).



You using your real name to apply for the EIN and open the LLC is meaningless.

Hey thanks for the response.
I see that a schedule C form is only for sole Proprieties, im looking to open up as an LLC

[phaz0rz]

They are not only for sole proprietors. I run 3 LLC's and pass all income to a schedule C each year.

[stealthnorris]

Originally Posted by phaz0rz

They are not only for sole proprietors. I run 3 LLC's and pass all income to a schedule C each year.

I see, this may help my post here
https://www.aspkin.com/forums/ebay-m...ml#post1175019


thanks phazorz
Filing as schedule C is what i've been doing and I guess it will be the same.

Do you know how filing works for a multi member LLC ?

[phaz0rz]

See my reply in your thread. It's a headache since multiple members are involved.

[ebaystealth1974]

Originally Posted by Issac

Hey thanks for the response.
I see that a schedule C form is only for sole Proprieties, im looking to open up as an LLC

Single member LLCs are viewed as sole proprietors from the IRS viewpoint.

[phaz0rz]

I would word it as : the IRS views them both as pass through entities but they don't see them as the same thing.

[jackdanielsbtch]

Originally Posted by phaz0rz

They are not only for sole proprietors. I run 3 LLC's and pass all income to a schedule C each year.

hey mate


is your business account ITIN or EIN?
Individual/sole proprietorship or LLC?
does the paypal name match the business name?

[agent006140]

Originally Posted by stealthnorris

I see, this may help my post here
https://www.aspkin.com/forums/ebay-m...ml#post1175019


thanks phazorz
Filing as schedule C is what i've been doing and I guess it will be the same.

Do you know how filing works for a multi member LLC ?

for multi member LLC,go see a tax accountant.

[SaiJin]

Originally Posted by jackdanielsbtch

hey mate


is your business account ITIN or EIN?
Individual/sole proprietorship or LLC?
does the paypal name match the business name?

Old thread. PLs make a new one so it goes up.