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-   -   PP TAX ID --- How much time do I have left? (https://www.aspkin.com/forums/paypal-talk/95867-pp-tax-id-how-much-time-do-i-have-left.html)

willowpointe 04-26-2016 10:59 PM

PP TAX ID --- How much time do I have left?
 
I got the email today from PP asking for my TAX ID.

I have done pretty well with the account and feel it has probably run its course.

How much longer will I be able to sell for until my pp account is limited?

RichardCard82 04-27-2016 02:12 AM

Re: PP TAX ID --- How much time do I have left?
 
I would cash out and start fresh. If you keep having money sent to it they may limit your account and you won't have access to the cash. Better safe than sorry

willowpointe 04-27-2016 02:21 AM

Re: PP TAX ID --- How much time do I have left?
 
I am not worried about the account, I know its going to get limited.

I am just curious, for the people that have received the same email, how much time was it between TAX ID request email and the inevitable PP LIMITED email.

I know it varies and its a case by case basis. Just curious about your experience. 1 day, 1 week, 1 month?

RichardCard82 04-27-2016 02:24 AM

Re: PP TAX ID --- How much time do I have left?
 
It all depends on how much money you receive. I go with Canadian accounts since those you can just say you're a Canadian citizen and no taxes are required to be paid. It gives you the option to select that when you get the notification. Play with it and see how much time you get

bluegrass1 04-27-2016 03:05 AM

Re: PP TAX ID --- How much time do I have left?
 
depends on how many and how much coming in . I have been asked a couple months before limited and i have had them locked in a couple weeks from their first email asking ..
even if it locks from getting more incoming payments you should still be able to get funds out . Also it will unlock first on next year after it rolls over

golferman 04-27-2016 03:41 AM

Re: PP TAX ID --- How much time do I have left?
 
Speaking of this, once that limit hits could we just use another paypal with the same ebay account? Or once we get the message if we choose not ti give info we should move on from both the ebay and paypal?

bluegrass1 04-27-2016 03:11 PM

Re: PP TAX ID --- How much time do I have left?
 
One eb to one pp . wont work trying to add new pp when it locks it wont accept anymore payments . then just move on till next year then fire both back up..

phaz0rz 04-27-2016 03:30 PM

Re: PP TAX ID --- How much time do I have left?
 
Quote:

Originally Posted by RichardCard82 (Post 766000)
I would cash out and start fresh. If you keep having money sent to it they may limit your account and you won't have access to the cash. Better safe than sorry

As bluegrass said, this isn't true. A tax limitation does not restrict access to funds you already have, it just restricts you from being able to receive payments.

Other types of (more severe) limitations will cause you to loose access to your funds.

Iwuvcurrency 04-27-2016 04:21 PM

Re: PP TAX ID --- How much time do I have left?
 
The last time I received one of those emails, it wasn't long before it was limited. Couple weeks to a month maybe sooner depending on how much money is coming in.

willowpointe 04-27-2016 08:05 PM

Re: PP TAX ID --- How much time do I have left?
 
Run it till it dies. Leave enough for returns. W/D remainder in 6 months.

The eBay account is amazing, obviously the paypal is less then desirable, any ideas?

bluegrass1 04-27-2016 08:24 PM

Re: PP TAX ID --- How much time do I have left?
 
Quote:

Originally Posted by willowpointe (Post 766200)
Run it till it dies. Leave enough for returns. W/D remainder in 6 months.

The eBay account is amazing, obviously the paypal is less then desirable, any ideas?

Thats how it works only suggestion is more stealth accounts spread it around
I have had accounts not ask for info till late nov and it rolled over before it locked and to me seems like a high volume of low priced sales locks it faster than few sales high priced items . I have got limited with less than 1200.oo in total sales and other accounts hits 19k before being asked .

yankee 04-27-2016 08:43 PM

Re: PP TAX ID --- How much time do I have left?
 
The answer is the account will be unable to receive funds at 200 items and 20k. Sometimes just one threshold if sales come in slowly.

yankee 04-27-2016 08:45 PM

Re: PP TAX ID --- How much time do I have left?
 
An idea is to add tax info....

bluegrass1 04-27-2016 09:23 PM

Re: PP TAX ID --- How much time do I have left?
 
Quote:

Originally Posted by yankee (Post 766209)
An idea is to add tax info....

my tax lady said you have to file for every tax id in certain states like cali ..
I DO pay all my taxes but instead of just adding everything together as i have been doing she wanted ea llc separated . Is that how you have to do ?? I only had 3 tax numbers wasnt too bad but 10 would seem like a big pain ..
I know ea state is different concerning the way taxes are filed with ea llc

yankee 04-27-2016 09:29 PM

Re: PP TAX ID --- How much time do I have left?
 
Lots of options.

You can have one corporation own several other companies if you get robust enough.

Buy yes, each company will have its own EIN. I choose states with 0 state income or dividend taxes for almost all my companies.

bluegrass1 04-27-2016 09:57 PM

Re: PP TAX ID --- How much time do I have left?
 
so u just stealth a address in whereverville usa to open the ein ?

yankee 04-27-2016 10:15 PM

Re: PP TAX ID --- How much time do I have left?
 
Quote:

Originally Posted by bluegrass1 (Post 766219)
so u just stealth a address in whereverville usa to open the ein ?

Depends on a lot of things. Such as if I intend to register the EIN with a state or not.

IF I plan on a robust business then I use an agent, have a real address, phone etc....Have credit cards and bank accounts and potentially lines of credit.

Other places I have physical offices or shipping locations. I have one in MA for example. It makes zero profit by intention but it coves an office expense, cell phones, utilities, auto loan, insurance, etc...

Every situation is different.

It is best to contact your advisers such as BUSINESS CPA. If you don't have one, google NV or WY corporations and interview a series of agents and CPAs until you figure out what is best for you. I suggest those places first because they truly understand business. I always get 2-4 points of view from such advisers.
Doing this does not cost anything or very little. You are interviewing for a business relationship. Kinda like dating. You dont marry the first lady you come across without checking out a few others lol

NEVER use places like HR Block or Jackson Hewitt etc....they are w2 wage earner processors. Not at all what you are looking for. Also, never have your advisers making less than you. I want high quality advice, not $10.00 an hour advice.

willowpointe 04-28-2016 12:08 PM

Re: PP TAX ID --- How much time do I have left?
 
Quote:

Originally Posted by RichardCard82 (Post 766005)
It all depends on how much money you receive. I go with Canadian accounts since those you can just say you're a Canadian citizen and no taxes are required to be paid. It gives you the option to select that when you get the notification. Play with it and see how much time you get


So you live in the US and you are a US citizen?

You use Canadian paypal accounts so there is no Tax ID to verify?


You think after I get limited I could just call in and insist I am Canadian?

yankee 04-28-2016 12:13 PM

Re: PP TAX ID --- How much time do I have left?
 
Quote:

Originally Posted by willowpointe (Post 766350)
So you live in the US and you are a US citizen?

You use Canadian paypal accounts so there is no Tax ID to verify?


You think after I get limited I could just call in and insist I am Canadian?

We have an candian account seller in the market place for this exact reason.

How would they know you are not canadian? Of course you call in with your canadian phone number.

golferman 04-28-2016 03:47 PM

Re: PP TAX ID --- How much time do I have left?
 
so if we dont get a 1099 we dont have to pay taxes on the money?

And how to handle taxes if i have 10 stealth ebay accounts and paypal to match under names?

yankee 04-28-2016 03:49 PM

Re: PP TAX ID --- How much time do I have left?
 
Quote:

Originally Posted by golferman (Post 766461)
so if we dont get a 1099 we dont have to pay taxes on the money?

And how to handle taxes if i have 10 stealth ebay accounts and paypal to match under names?

by law you have to pay taxes on all your income.

You add all your income together.....your accountant will be able to handle this very easily.

golferman 04-28-2016 03:53 PM

Re: PP TAX ID --- How much time do I have left?
 
Quote:

Originally Posted by yankee (Post 766462)
by law you have to pay taxes on all your income.

You add all your income together.....your accountant will be able to handle this very easily.

Thanks!....


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