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Old 08-24-2015
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Default For the big ballers, how much do you pay in taxes?

I starting selling on ebay a year ago and I was able to hit around 25k.

How much should I expect to pay in taxes?

Obviously, my earnings are much less, around half I would say. I'm 21 and I've never paid taxes before so I'm curious how much I will have to pay when I fill out that tax forum.
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Old 08-24-2015
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Default Re: For the big ballers, how much do you pay in taxes?

There really is no way to give you a real answer. But with 25K, you'll probally pay nothing...

I've been fulltime seller since I was 18 on ebay i'm 30 now. I do about 500K-800K in gross sales by myself. I operate at about a 60-65% net profit.

I pay very little in taxes because I am a LLC taxed as an "S Corp". I pay myself mininum wage so my personal taxes are a near "wash". My company has lots of expenses

Get a tax attorney, learn the basics of taxation. As you grow, you will learn all the "loopholes".

When I first started, I remember my tax attorney asking me how much I donated that year. I said none..He looked at me smiled and said I could have swore I saw you at church donating into the collection basket. That's the type of accountant or tax attorney you need. Someone to teach you the system, the different types of write off's etc. Good luck!

Last edited by ebaypdllc; 08-24-2015 at 09:14 PM.
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Old 08-24-2015
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Default Re: For the big ballers, how much do you pay in taxes?

You need a financial professional OP - tax attorney is the business pro-move
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Old 08-25-2015
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Default Re: For the big ballers, how much do you pay in taxes?

Ok I seem to get bits and pieces of info but would like to get the whole meat & potatoes
My name is John Doe...Ohh noo!! Ebay has banned me. So now what??
Ok I do the stealth thing..IP..Phone..CC..Nmae..Address..COOKIES.
But wait i forgot the most important thing. PAYPAL.. I want to avoid being limited and I cant use my SS# so I use another EIN from the stealth name. The first question is if I need to pay taxes do I file with this stealth name to avoid IRS snooping?? But wait with just an EIN PP can still ask me for my SS# which is my second question..how do I avoid that.
Some say DBA some say LLC..both different..So now I will call myself Johnathan Doe DBA Play-Doe LLC so now I can legally do my taxes with no reprocussions correct???And my last question is how is the fastest way to get LLC and do i have to file mothnly with an LLC or is there a different way to file yearly.
Any suggestions or corrections on any mistakes would be appreciated
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Old 08-25-2015
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Default Re: For the big ballers, how much do you pay in taxes?

Quote:
Originally Posted by nohnoh View Post
i starting selling on ebay a year ago and i was able to hit around 25k.

How much should i expect to pay in taxes?

Obviously, my earnings are much less, around half i would say. I'm 21 and i've never paid taxes before so i'm curious how much i will have to pay when i fill out that tax forum.
zero!

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Old 08-25-2015
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Default Re: For the big ballers, how much do you pay in taxes?

Quote:
Originally Posted by anthonyweir View Post
Ok I seem to get bits and pieces of info but would like to get the whole meat & potatoes
My name is John Doe...Ohh noo!! Ebay has banned me. So now what??
Ok I do the stealth thing..IP..Phone..CC..Nmae..Address..COOKIES.
But wait i forgot the most important thing. PAYPAL.. I want to avoid being limited and I cant use my SS# so I use another EIN from the stealth name. The first question is if I need to pay taxes do I file with this stealth name to avoid IRS snooping?? But wait with just an EIN PP can still ask me for my SS# which is my second question..how do I avoid that.
Some say DBA some say LLC..both different..So now I will call myself Johnathan Doe DBA Play-Doe LLC so now I can legally do my taxes with no reprocussions correct???And my last question is how is the fastest way to get LLC and do i have to file mothnly with an LLC or is there a different way to file yearly.
Any suggestions or corrections on any mistakes would be appreciated
You are making this super hard and it is exceedingly easy.

WHOEVER received income FILES taxes.

John doe or Tim Bucktoo etc.. makes ZERO difference.

You withdraw into YOUR checking account or YOUR COMPANIES checking account and they files the income.

NEVER FILES TAXES UNDER FALSE INFO!!
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Old 08-26-2015
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Default Re: For the big ballers, how much do you pay in taxes?

Ok awesome now thats the answer I was looking for thanks.. and also I was doing about 100k plus..I am not sure if it was you who said LLC is overkill but wouldnt the LLc help me out better?? and I have an ein registered to paypal already if I get another one or the LLC just register it close to my name correct??
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Old 08-26-2015
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Default Re: For the big ballers, how much do you pay in taxes?

If I do go the LC route is there anyone on here that can recommend a company or a consultant??
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Old 08-26-2015
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Default Re: For the big ballers, how much do you pay in taxes?

The best thing about opening a s corp is you can add LLCs under it.

So you can have one scorp (i.e one stealth account) and from there and on to it with llc for other stealths and it's not just the simplicity you get from doing this, you build capital.

A win win.

Maybe the fact there is no double taxation is the best but you know what I mean lol..
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Old 08-26-2015
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Default Re: For the big ballers, how much do you pay in taxes?

why any person in the US pays taxes is beyond me. seems like the gov't doesnt't know how to spend wisely or just doesn't care. why add to the problem?
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Old 08-26-2015
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Default Re: For the big ballers, how much do you pay in taxes?

Quote:
Originally Posted by yaBeh8ater View Post
why any person in the US pays taxes is beyond me. seems like the gov't doesnt't know how to spend wisely or just doesn't care. why add to the problem?
Lol, what!? Google the numerous amounts of celebrities that didn't pay taxes, and look at the deep hole they're trying to climb out of. On top of that, how else are you going to buy a car, home,etc if you don't pay taxes? It's impossible, unless you put everything in someone else name, which I would NOT recommend doing.
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Old 08-26-2015
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Default Re: For the big ballers, how much do you pay in taxes?

tax is nasty in the uk, 20% of sale price in sales tax, don't you have sales tax in the US? Assumed you did but the stuff I sell is always a lot cheaper there
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Old 08-26-2015
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Default Re: For the big ballers, how much do you pay in taxes?

Quote:
Originally Posted by BlackLion View Post
Lol, what!? Google the numerous amounts of celebrities that didn't pay taxes, and look at the deep hole they're trying to climb out of. On top of that, how else are you going to buy a car, home,etc if you don't pay taxes? It's impossible, unless you put everything in someone else name, which I would NOT recommend doing.
WTF is this guy? I have never seen him post before I think someone hacked BL's account!
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Old 08-26-2015
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Default Re: For the big ballers, how much do you pay in taxes?

Quote:
Originally Posted by bjammin View Post
WTF is this guy? I have never seen him post before I think someone hacked BL's account!
I'm his silicone replica
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Old 08-26-2015
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Default Re: For the big ballers, how much do you pay in taxes?

I still never got any recommendations or company names...
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Old 08-26-2015
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Default Re: For the big ballers, how much do you pay in taxes?

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Originally Posted by anthonyweir View Post
I still never got any recommendations or company names...
Your local accountant that understands business.
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Old 08-26-2015
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Default Re: For the big ballers, how much do you pay in taxes?

Hiya. Only me

Just wanted to say - as for your thread title question - my answer to that is mind your own damn business you nosey c u n t - as we say in UK


Re: For the big ballers, how much do you pay in taxes?
- WTF kinda question is that bro?
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Old 08-27-2015
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Default Re: For the big ballers, how much do you pay in taxes?

Quote:
Originally Posted by BlackLion View Post
Lol, what!? Google the numerous amounts of celebrities that didn't pay taxes, and look at the deep hole they're trying to climb out of. On top of that, how else are you going to buy a car, home,etc if you don't pay taxes? It's impossible, unless you put everything in someone else name, which I would NOT recommend doing.
whats wrong with making small cash payments? $300 month on a car and 1-2000 month on a house?
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Old 08-27-2015
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Default Re: For the big ballers, how much do you pay in taxes?

Quote:
Originally Posted by yaBeh8ater View Post
whats wrong with making small cash payments? $300 month on a car and 1-2000 month on a house?
Do what is correct
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