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Old 08-12-2016
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Default Same Old PP Tax Q with a Twist!

I have been selling a lot on my stealth account and flagged the potential for 200 sales alert, prompting the request for tax info.

I think the unspoken implication with most users is that they do not want to pay taxes, but this is not the case for me. I have tracked my expenses carefully and have even made some clever deductions/donations to offset my profits... long story short, I am fully cooperative with the concept of filing taxes for my sales.

My problem is simply this - like most stealthers, my SSN is not an option due to a previously suspended account. Which should I provide - an individual tax identification number (ITIN) or an Employer Identification Number (EIN)? Obviously, I will need to create an LLC or create a company if I want to acquire an EIN... how would I go about obtaining an ITIN? Is one quicker/better than the other? My concern is that PayPal will actually limit my account if I do not provide this information somewhat promptly.

Any help is appreciated, thanks!!

Last edited by Aurora; 08-12-2016 at 01:33 PM.
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Old 08-12-2016
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Default Re: Same Old PP Tax Q with a Twist!

Quote:
Originally Posted by Aurora View Post
I have been selling a lot on my stealth account and flagged the potential for 200 sales alert, prompting the request for tax info.

I think the unspoken implication with most users is that they do not want to pay taxes, but this is not the case for me. I have tracked my expenses carefully and have even made some clever deductions/donations to offset my profits... long story short, I am fully cooperative with the concept of filing taxes for my sales.

My problem is simply this - like most stealthers, my SSN is not an option due to a previously suspended account. Which should I provide - an individual tax identification number (ITIN) or an Employer Identification Number (EIN)? Obviously, I will need to create an LLC or create a company if I want to acquire an EIN... how would I go about obtaining an ITIN? Is one quicker/better than the other? My concern is that PayPal will actually limit my account if I do not provide this information somewhat promptly.

Any help is appreciated, thanks!!
ITIN is all based on your immigration status. If you have not received a SS, then you go to the IRS website or SS office(MAY NOT BE THE CASE ANYMORE) and request an ITIN. Takes a while and you need to supply a ton of doc such as original birth certificates from your country. etc....

Agents can sometimes expedite this process for a hefty fee. Biggest thing they can do is work with the embassy to verify documents, parents legal names, etc...
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Old 08-12-2016
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Default Re: Same Old PP Tax Q with a Twist!

You say that you have an SSN meaning youre a US citizen. I believe ITIN is only for non resident.
Go the EIN route. Its not overly complex. Google for the process specific to the state you reside in and get the ball rolling online.
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Old 08-14-2016
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Default Re: Same Old PP Tax Q with a Twist!

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Originally Posted by slokor View Post
You say that you have an SSN meaning youre a US citizen. I believe ITIN is only for non resident.
Go the EIN route. Its not overly complex. Google for the process specific to the state you reside in and get the ball rolling online.
Perfect, just wanted to make sure which one was right for me, thank you!
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Old 08-14-2016
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Default Re: Same Old PP Tax Q with a Twist!

I strongly recommend consulting your accountant.
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