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Old 08-28-2012
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Default Stop beating around the bush - What should we do for IRS regarding stealth?

I've been reading for hours but have yet to find a solution. In fact, all I ever come across is either arguing or "search the forums."

When using a stealth account, what are we suppose to do when we sell more than $20k worth of items per year? Some of you may say that it's difficult for you to sell that much, but I average around $500k per year...and $500k per year cannot fly under the IRS radar.

So what am I suppose to do? Risk going to jail for tax evasion? Or have 100 stealth accounts (which sounds ridiculous)?

I am more than happy to pay my taxes - I just need to know how this is going to conflict with the fact that JOHN DOE is sending money to JANE DOE from paypal to bank transfers. Yeah, so I claim that it's my employer - but that only goes so far when an audit hits you up.

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Old 08-28-2012
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you are selling 500k a year and don't have a lawyer and accountant? They are the only ones that can help you

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Just claim your sales and profits and that's it. IRS only cares about you paying your share of the taxes. They don't care about who send you money.

But yea, Accountant will be much better help then a forum.
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Originally Posted by slim jim View Post
you are selling 500k a year and don't have a lawyer and accountant? They are the only ones that can help you

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Yes. But my profit margin is 15-20%, so my max profits are $80k to $100k per year, less all expenses (shipping, packaging, etc etc)
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Old 08-29-2012
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Originally Posted by yotano211 View Post
Just claim your sales and profits and that's it. IRS only cares about you paying your share of the taxes. They don't care about who send you money.

But yea, Accountant will be much better help then a forum.
makes sense. so as long as I pay taxes on what I earned I should be good? despite different names and such?
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Old 08-29-2012
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Originally Posted by tryingtofigurethisout View Post
makes sense. so as long as I pay taxes on what I earned I should be good? despite different names and such?
Ok, Here is what Im gonna say,,,,When you start threads like "Do NOT Beat around the Bush",,,,With a Demanding and Condesing tone you are NOT going to get many useful responses,,,

So, that being said,,the FIRST thing that you need to do is LEARN how the IRS works,,,The reason that you cannot get a "Straight" anwser as you put it is Because there is NO ONE Anwser, there are HUNDREDS of ways to do it, ALL LEGAL, it ALL depends on how you choose to set up your corporate structure, as a "C" corp with MULTIPLE Subsidaries,,,an "S" Corp with Multiple Sub chapter "S": Corps, an LLC Perhaps, a Limited Partnership, and MANY More Combinations,,,All of it LEGAL,,NONE of it Depending on Who owns what,,

Here take a look at Berkshire Hathaways "Family" of Companies as such an Example:

LINKS TO BERKSHIRE HATHAWAY SUB. COMPANIES

No reason why you couldnt set up the EXACT same thing, only smaler,,


So before you go around and starting threads like this make SURE you know some SIMPLE Basics about what you are asking
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Originally Posted by slapped View Post
Ok, Here is what Im gonna say,,,,When you start threads like "Do NOT Beat around the Bush",,,,With a Demanding and Condesing tone you are NOT going to get many useful responses,,,

So, that being said,,the FIRST thing that you need to do is LEARN how the IRS works,,,The reason that you cannot get a "Straight" anwser as you put it is Because there is NO ONE Anwser, there are HUNDREDS of ways to do it, ALL LEGAL, it ALL depends on how you choose to set up your corporate structure, as a "C" corp with MULTIPLE Subsidaries,,,an "S" Corp with Multiple Sub chapter "S": Corps, an LLC Perhaps, a Limited Partnership, and MANY More Combinations,,,All of it LEGAL,,NONE of it Depending on Who owns what,,

Here take a look at Berkshire Hathaways "Family" of Companies as such an Example:

LINKS TO BERKSHIRE HATHAWAY SUB. COMPANIES

No reason why you couldnt set up the EXACT same thing, only smaler,,


So before you go around and starting threads like this make SURE you know some SIMPLE Basics about what you are asking
I wasn't trying to be demanding nor condescending - I just simply couldn't find much information on it (other than people saying unrelated statements, opinions, etc.).

Thanks for the info.
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If you have a legitimate business you can get a EIN easily for paypal to meet the requirement and get a 1099k and do not need a SSN. If you make a living selling Vero items I don't know what to tell you.
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Old 08-29-2012
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Quote:
Originally Posted by tryingtofigurethisout View Post
I wasn't trying to be demanding nor condescending - I just simply couldn't find much information on it (other than people saying unrelated statements, opinions, etc.).

Thanks for the info.
Look at posts by KingRay, jeffweico, Sandy D.

Bottom line is you know your own business. You make your choices not based on forum opinion.

During ALL your reading, you would or should have seen posts by myself.

Here's a repeat.

See a tax professional. It is not, and never has been the place of the forum to give tax advice.
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