Taxing after eBay dropshipping

[miniclip]

What about taxing after eBay dropshipping? No one speaks about it.
How do you that in the case of stealth accs?
Do you do it at all? (is it possible?)

[SaiJin]

You mean paying your taxes? I'd think it'd be same thing as in just use a CPA to do your taxes for your government ,

[123]

Should pay your taxes as if you would regularly but consult a CPA

[agent006140]

if you do 200 transactions and 20k in a year,Paypal will send you a 1099k SHOWING gross sales.
If you are filing small business,there are some deductions you would not be using-such as mileage on your car to the post office for mailing,storage for your goods.
what you need to speak to your accountant is collecting sales tax,

[rsot]

Welcome to the forum OP - all the best as you master stealth

Speak to financial professional in your country for tax advice.

[Pedroalva]

Originally Posted by tinsoldier

None of my stealth accounts pay tax.

Do you transfer the sales to your bank?

[agent006140]

Originally Posted by tinsoldier

Incorrect.

OP is in the UK.

what does UK govt send?
flower bouquet?

[james_112233]

A lot of people talk sh!t on this forum.

If you are withdrawing funds in to your bank account, you must declare that income on your self assessment. God forbid your bank submits your income to HMRC or a nosy neighbor reports you because you have a shiny new BMW M3 on the drive. Do I need to say anymore ?

[BlackLion]

Originally Posted by tinsoldier

LOL, you must be kidding right?

You better pay, because the bank keeps records. Good luck buying anything without PROOF OF INCOME

[james_112233]

Originally Posted by tinsoldier

....and a lot of people know sh!t all.

You clearly don't understand what has to be declared on a self assessment form, even on my legit accounts I do not declare monies withdrawn from my paypal accounts to my bank account. How stupid would that be!

As for banks submitting my details to HMRC, currently that would be illegal.

If my neighbours saw me with an M3 they would be worried I'd hit hard times.

Originally Posted by tinsoldier

Yet here I am after selling on line for nearly 20 years paying virtually no tax and buying whatever I want, whenever I want. Go figure???

They need to declare their profits. What I meant was the monies received in to their bank account clearly contains their profits so they need to declare those.

And evading tax isn't something to be proud of.

[BlackLion]

Originally Posted by tinsoldier

Yet here I am after selling on line for nearly 20 years paying virtually no tax and buying whatever I want, whenever I want. Go figure???

"Banks and credit unions are required to report a cash deposit of $10,000 or larger.

In addition, if two transactions within a 12-month period seem related and their total exceeds $10,000 they must be reported. If a series of smaller deposits is made within a 24-hour period and their combined total exceeds $10,000, the IRS considers the transactions related to each other and they are reported as well."

"A currency transaction report (CTR) is a report that U.S. financial institutions are required to file with FinCEN for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through, or to the financial institution which involves a transaction in currency of more than $10,000"

So whether you're spending or depositing its reported. If the USA does this, what makes you think your country doesn't?????

[agent006140]

In USA,IRS if you are audited,the agent would cross check your declared income with your bank statements ,if they see more than you declared,they would ask you to show where it comes from-
bank transfers from another bank account you did not tell them,retirement/pension payments,inheritance,insurance $$,tax refund checks,someone paying you for past debt due,or in some cases,you want to earn points with your cc issuer and offer to buy the item for your friend with your credit card and he pays you back with a check!
better keep all your receipts.like many homeowners get a check from insurance co for roof repair.roof replacement,that could run into a few thousand dollars.
Or you sold your old car or plane or motor cycle,any large deposits will drawn attention
IRS could ask for records going back 7 years
if your bank records are not available to download from your bank account,you can ask them to send you copies,it may cost you though.
I am sure UK,Canada and other countries have similar ways of finding where your income come from.

[agent006140]

Originally Posted by BlackLion

"Banks and credit unions are required to report a cash deposit of $10,000 or larger.

In addition, if two transactions within a 12-month period seem related and their total exceeds $10,000 they must be reported. If a series of smaller deposits is made within a 24-hour period and their combined total exceeds $10,000, the IRS considers the transactions related to each other and they are reported as well."

"A currency transaction report (CTR) is a report that U.S. financial institutions are required to file with FinCEN for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through, or to the financial institution which involves a transaction in currency of more than $10,000"

So whether you're spending or depositing its reported. If the USA does this, what makes you think your country doesn't?????

to catch drug dealers buying fancy cars with cash ,I believe car dealers have to report any buyer paying cash for fancy cars,not sure any car,or just the high end ones?

[Pedroalva]

Originally Posted by tinsoldier

....and a lot of people know sh!t all.

You clearly don't understand what has to be declared on a self assessment form, even on my legit accounts I do not declare monies withdrawn from my paypal accounts to my bank account. How stupid would that be!

As for banks submitting my details to HMRC, currently that would be illegal.

If my neighbours saw me with an M3 they would be worried I'd hit hard times.

If legit or stealth is the same, when the money goes into the bank are traced
Maybe in UK is different

[miniclip]

Thanks all of your answers.
To sum up (what I've read) if you have a "real" acc it is advisable to collect sales tax.
In the case of stealth accs it is literally impossible because datas provided by stealth accs are not your personal ones.

[JackFrost]

Originally Posted by miniclip

Thanks all of your answers.
To sum up (what I've read) if you have a "real" acc it is advisable to collect sales tax.
In the case of stealth accs it is literally impossible because datas provided by stealth accs are not your personal ones.

If the money is gone to your UK bank account you'll need to provide tax, or else it'll bite you in your ass.

[agent006140]

Originally Posted by miniclip

Thanks all of your answers.
To sum up (what I've read) if you have a "real" acc it is advisable to collect sales tax.
In the case of stealth accs it is literally impossible because datas provided by stealth accs are not your personal ones.

In US,as long as the sales proceeds goes to your bank account,you are obliged to collect sales tax ,if you fail to do so,then you pay the sales tax.
I would think UK,Canada do too !

[agent006140]

now ,come to think of it,if you are using a stealth account (not in your name)and collect money via stealth Paypal account.
Instead of transferring the money to your bank account in your real name,use the Paypal fund to buy gold,then sell the gold and get paid in cash.
Then no one will know you have sold anything ,just make sure you dont smoke in bed and burn the mattress!!!!!!!!!

[agent006140]

In USA,we collect sales tax if the buyer resides in our state,or his shipping address in our state.
I am being audited now by our state,2% of my annual sales is to folks who live in my state but I have to prove it.
Dunno how it works in UK or Canada.