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  #1  
Old 09-06-2011
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Default I'm at 20k and I wanna go legit!

So I've gotten two emails about it and they keep bombarding me when I log into paypal asking for my SSN or a Tax ID number. I've got a 2.5 year old Stealth Account with almost 600 feedback rating. I've never really sold any kind of Vero products. I basically just want to give them my SSN, pay my taxes as I should and move on with my life.

In a perfect world I'm sure it could happen but I'm somewhat certain I added my SSN to an ebay and or paypal account I sold with maybe 4 or 5 years ago. And I forget if that one got suspended because it was linked to another or I just plain messed it up receiving strikes. Back in the day when you could start a new account with just a new name and the same street address I must've went through about half a dozen.

I guess I'm curious as to what would happen if I provided my SSN. I don't know how fresh it is in their system what I did all that time ago or there's any forgiveness in their cold black hearts but I'd still like to try. I'm sure that the outcome would probably just be an automatic,

"Suspended account is suspended, have a nice life.

P.S. we're keeping all your monies."

You'd think for being a power seller and making them so much damn money the past 2 years that they'd do anything to keep my business. I want things to be on the books, I don't mind. I want to be able to sign up for the debit card and add my own personal credit cards. But most importantly just keep doing what I'm doing. I'm 24 and this is my main source of income and I really don't know anything else. This is what I do, its my life. But I kind of like that. I wouldn't be able to afford my lifestyle or have a fraction of all the cool, unique and inexpensive things I can't find anywhere else if it weren't for ebay.

All personal things aside. I've read through the ebook from a couple years ago. It's why I'm here today, I've done everything right. Nothing else could possibly link me to another account or I wouldn't have one right now. All it is is my SSN. I almost have my birth name on this account save for my middle name taking the place of my last.

What I want:
1. To go by the book.
2. Not have to hide anymore.
3. Have the perks of being a non-stealth user- Paypal Debit, adding my personal Credit Cards, etc.

What I'm unsure of:
1. Do I get automatically suspended or worse, closed?
2. If I should just get an EIN instead which from what I gather here is untraceable by Paypal a la Bank Account numbers and forget the Debit card thing?
3. Say I add any Tax ID and get suspended, is it even possible to fight? I've got Power Seller Status, 99.9% feedback, etc.
4. Are they automatically checking my credit just looking for reasons to suspend me despite my upstanding status? Because if they are I don't think its amazing right now.
5. How great is their memory, do they ever forgive, is it in their power, do they even have to?

What I'm aware of:
1. The only two things guaranteed in life are death and ebay suspension.
2. They don't have to do anything for me since they're a private entity but I feel like for how easily they let anyone sign up it's almost owed to me whether it be a chance for redemption or at least a damn explanation. They have customer service lines, a physical address I'm not afraid to visit, and they sure as hell want my money.

So...yeah, any thoughts?
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  #2  
Old 09-06-2011
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1st off your Power seller status and feedback does not mean a damn thing to eBay.
If they want to suspend your account they will.

I recently had a ebay account suspended that had over 4,100 at a 99.5% +.
That account was a Gold PowerSeller account.
My DSR's were 4.9, 4.9, 5.0, & 5.0 (Almost perfect)
They suspended it with no problem.

As for your SSN and Paypal....
If you wanted to stay safe just get a EIN and play it safe.

Direct IRS.com link:
Employer ID Numbers (EINs)
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Old 09-06-2011
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I think that using an EIN is your best bet. Forgiveness is an unknown concept in PayPal.
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Old 09-06-2011
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What if the names don't match though? will it still go through?
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Old 09-06-2011
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Great question Bluntzcash.

I am also interesting in knowing this.
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Old 09-06-2011
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Quote:
Originally Posted by jbluntz View Post
What if the names don't match though? will it still go through?
King might have answered our question here JB.

http://www.aspkin.com/forums/paypal-...ts-tax-id.html

If this is the case then stealth in the majority of cases wont work unless you toss darts and hope for the best.
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  #7  
Old 09-07-2011
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Name is not the issue. (Has not been the issue in the numerous accounts submitted up to last week.)

paypal accepts the numbers like KR said.

All paypal want is to perceive conformity with IRS demands on them.

That said, should the account run into dramas, there may be problems then. But a correctly created EIN & LLC submission covers that
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  #8  
Old 09-07-2011
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Ahh, so that's how it's done, just got my first request for it, just wanted to make sure, it's like a masterpiece account over a year old linked to a mailbox, guess I'll give it a go using my real name, what the heck..
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Old 09-08-2011
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Thats the thing, every thing you make on Ebay and PayPal creates a paper trail! Its not like doing the best business which is cash business. Everyone that is making income like money with these services should contact a accountant and be preparing to claim and write off business expenses! Its not hard and most of time you can write off enough so you don't have to pay so much back. I am part of a family Auto and Truck parts store that does a little over a million in sales each year. Every card you swipe, has to be claimed because of the paper trail period. Good luck!
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Old 09-08-2011
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So is all good now?

The EIN really isnt perfect for stealth at all as some want to beleive. its great for getting back into selling when you want to go legit with your info. Old SSN is suspended but new EIN (connected to SSN) is not. In a way its a second chance but a bigger deal than many think it is.

At this time PP only requests the EIN. I can almost assue you that when people start abusing it then they will require much more.

Starting tax payments at the near end of the year is a bear. If you input a Fresh EIN into paypal they will report it for the whole year.

Then you will be liable for a whole years taxable income with only a few months left to pay into it. It will break you bad if you arent prepared to pay taxes in april. You will be hit with several thousands in taxes and will have to pay it in one shot instead of split up over the year equally.

Plus if you dont have stuff like depreciation of property figured in the mix correctly you will just be hosed up for years. that is why contacting a tax/business attorney to get a business plan in order will help. It might cost $500-1k in the beginning but you will make it up for sure. Try to run with no plan and you are just a hustler selling online really.
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Old 09-08-2011
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I still feel its better to just spread out your sales in many many accounts. As the running with no plan- NO real hustler has no plan! A hustler is a hustler legit or not. Its the american/dream to make a lot of money thats the beauty of a free market! Which gives you the ability to do these things.
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Old 09-08-2011
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Still does not exclude the LAW to pay taxes. Dont be suggesting anything else here
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Old 09-08-2011
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Quote:
Originally Posted by GreenBean™ View Post
Still does not exclude the LAW to pay taxes. Dont be suggesting anything else here
Would never suggest that...ever. I been worrying about taxes for many many years. And I am not talking taxes on 20,000 dollar pay pal accounts either ; ). Even though i am not the owner of these business i am next in line just a lil young now!
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Old 09-08-2011
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I suspect there will be some kind of amnesty or long term extension without fines or fees. I just cant vision the IRS hammering down first year this is put into place. Too many loopholes and things that still need to be worked-out. Not to mention the number of extra employees IRS will need to complete this task.

At this point it is best to estimate your taxes quarterly and put them in something interest bearing or even re-invest for bigger profit. I know I am not gonna be first in line to pay. I will wait and see how this plays out.
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Old 09-09-2011
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Why would it take more people in the IRS? You make money taxes get reported like your boss does when he sends it every year to the IRS. Its just numbers on computers. You make this much, you paid this much and you either get this much back or you still need to pay more.

You are already filing taxes anyway but just are going to be filling more forms out. I dont see any more work for anyone but us.

Also, they are not going to let things go the 1st year. This is really the same thing banks already do for many other things. Payments over 10k, with trusts, gifts, deposits, etc.

I would not plan on it just slipping by the 1st year or so. Not going to happen. If you want to lessen the burden the tax deductions can be the way to it. Used correctly you can get the IRS to pay you after taxes are paid. I plan on it this next tax season.
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Old 01-09-2012
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I know this post is a tad old but I wanted to chime in, I have always claimed all my ebay sales on my taxes and since I always file as self-employed (own another business selling same like items) there are so many deductions that most of them will eat up your sales to where you will see that you are not making as much on PAPER as you thought. My advice we always use an accountant or tax preparer and don't think for a moment that you know all the loop holes as a self preparer YOU DO NOT.

Example, went to the tax office of PUFFIN-STUFF had all my papers, sales sheets from ebay/paypal and the usual tax stuff and man those people ask me about so many other things that met the guide lines for deduction that I quailfied for by the time they where completed I was getting back real dough. Then to make matters even better they PUFFIN STUFF made an error on one of the deduction (software error noted by them) and I get a check from the FED's for a little over $500.

So if you are making money put $300 to $500 aside and hire a pro to do your taxes you'll be glad you did.

p.s. I still get a check every year from the feds for $3.92 for a home office square foot recalculation adjustment, I never deposit I just toss it and sure enough I just got again right before Thanksgiving. year number 4

This is not a plug, but my real experience with claiming my sales on taxes

Happy New Year Everyone
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