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  #1  
Old 12-30-2010
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Default What to do what to do

I'm 29 years old and run a motorcycle salvage on Ebay and 90% of the transcations I get use paypal. The problem is I'm using a paypal account in my dads name after mine was locked up. My father doesn't mind me using the account but with the Volume I do he will be reported to the IRS in 2011 by paypal. My father is disabled with parkinsons disease and this would cause him to lose his benefits. I've tried creating a new paypal business account and realize I can verify and lift the limits without adding my SSN but what happens when I reach the 20K and they want it for Tax reasons?

I'm estimating 10k in sales for January as I just bought out another salvage with over 300 motorcycles. Anyone have some ideas or options?
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Old 12-31-2010
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You could set up a Merchant Account with a cc processor in your real name and then link that with your Ebay account and accept payments through that. Or you could get a Paymate account that is in your real name.
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Old 12-31-2010
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You can go speak to a tax agent as well to sort out this stuff. You could make yourself a LLC and cover all options.
It's not too hard. Kudos on thinking ahead now.
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Old 12-31-2010
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I do have an LLC I'm just not sure how it solves my problem.

Not using paypal isn't much of a solution, I can't remember the last time someone wanted to pay me with something other than paypal.
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Old 12-31-2010
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OK I think I found out that this will be pretty Simple.

I upgrade the existing account to a Business account instead of a personal account. At this time it will ask for all of my business information. It asks for an EIN and I can give it mine and the Taxes should be reported to it.
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Old 01-04-2011
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Perfect solution! I was going to type that until I see you solved your own problem.

I think a merchant account is a decent option...if anything just to limit the amount of money going through paypal. I just signed up for one and am going to experiment offering it alongside paypal and see what percentage of people use it.

I know that every time I buy and can choose NOT to pay with PP, I do it. I'm not the norm though.
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Old 01-05-2011
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this might be off topic but paypal will report you to the IRS now over 20k in sales? what if nothing is in your name and is stealth? what will happen when you reach the 20k on a premier account?
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Old 01-05-2011
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PP is going to force you to give them a SSN far before that happens...so they are going to send a 1099 somewhere. If you have an EIN number on file, they will eventually ask for a SSN as well--at least that's what they did to me.
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