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Old 04-22-2016
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Default Taxes for EIN and paypal business account

One of my top selling site has now required us to provide a business paypal account. I've never run a business account or ever applied for an EIN. My question would be, will I have to pay more tax if I were to apply for an EIN and run a business paypal account?
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Old 04-22-2016
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Default Re: Taxes for EIN and paypal business account

Typically businesses have more deductions and lower tax rates. If done right you wipe out SS/FICA or self employment taxes of 15% you currently are paying, so for almost everyone, a business makes them money and saves them a ton of money.

The only one who knows what is right for you is you and your advisers. I would contact your accountant and if he does not know, search for a business accountant who does.
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Old 04-22-2016
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Default Re: Taxes for EIN and paypal business account

wow awesome... Thank You Yankee!
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