Etsy Stealth + Tax

[Aqua]

Hi everyone,

I've read every guide and they don't seem to mention it, but I wanted to ask for everyone operating a successful stealth Etsy shop doing big numbers, what do you do for taxes? For example, I am planning on opening up a shop under someone else's SSN, ID, etc, but I don't want them to be responsible for the taxes, and also I cannot put the bank under my name or will be banned. If anyone can help out, and has done this type of thing please message me, will be much appreciated!

[Etsyheadache]

Can't have it all ways , its either stealth or legitimate it can't be both

[agent006140]

Your flag said Canada,and you are asking if you can use another person SSN,which is USA.
Are you a US citizen or resident residing in Canada?

[Aqua]

Residing in Canada yes, I am wanting to make US account therefore need SSN.

[agent006140]

she /he wants to use another person ID and SSN to open an account,but tax would be an issue as 1099k will be sent to the SSN owner.
also she would need a US bank account,name must be match with account holder.
that person should seek help from his tax accountant how to report your sales

[tedsmith1990]

Originally Posted by agent006140

she /he wants to use another person ID and SSN to open an account,but tax would be an issue as 1099k will be sent to the SSN owner.
also she would need a US bank account,name must be match with account holder.
that person should seek help from his tax accountant how to report your sales

That is hard to get US account. Are you sure the bank account name must match with the account holder?

[Aqua]

Yes it needs to match, or will get banned.

[Aqua]

If anyone is running stealth, please reach out to me private message and let me know how you are handling the taxes (if you do), would be greatly appreciated!

[tedsmith1990]

Originally Posted by Aqua

Yes it needs to match, or will get banned.

I don't have experience managing Etsy US accounts, but I do have a lot of experience with Etsy NL accounts. These accounts work 100% with a bank account that has a different account holder name (not from third-party services like Payoneer, etc.).

[tedsmith1990]

Originally Posted by Aqua

If anyone is running stealth, please reach out to me private message and let me know how you are handling the taxes (if you do), would be greatly appreciated!

For Etsy NL, the tax number does not need to match the account holder's name.

You need to add the BSN once you reach a certain sales threshold, but it seems that the requirement for adding the BSN is random. I have some accounts that have reached over €50,000 even much more in sales and still haven't been asked to add the BSN. So it's hard to say.

[agent006140]

But can someone in Canada who is US citizen open a NL Etsy account?
and where is she going t o find a NL bank account?

[rsot]

Originally Posted by Aqua

Hi everyone,

I've read every guide and they don't seem to mention it, but I wanted to ask for everyone operating a successful stealth Etsy shop doing big numbers, what do you do for taxes? For example, I am planning on opening up a shop under someone else's SSN, ID, etc, but I don't want them to be responsible for the taxes, and also I cannot put the bank under my name or will be banned. If anyone can help out, and has done this type of thing please message me, will be much appreciated!

Using someone else's SSN and ID is quite difficult when it comes to taxes and doing big numbers. You might need to consult a licenced financial person with the the other person from whom you are using the ID.

[agent006140]

It is also illegal.
If you do large volume on Ebay and it sends 1099K to IRS say 5-6 figures,that person will be audited.
IRS can subpoena Ebay to get your records,it has happened

[rsot]

Originally Posted by agent006140

It is also illegal.
If you do large volume on Ebay and it sends 1099K to IRS say 5-6 figures,that person will be audited.
IRS can subpoena Ebay to get your records,it has happened

Correct - illegal - hopefully not using or attempting to use someone's else info without their knowledge.

[agent006140]

Your 1099 form showing gross sales,when you use it to file your income tax return,you should deduct returns,refund,losses

[rsot]

Originally Posted by agent006140

Your 1099 form showing gross sales,when you use it to file your income tax return,you should deduct returns,refund,losses

Try not to derail

[agent006140]

if someone uses your SSN to sell,knowing what is gross vs net sales,could lessen the tax due and penalty,every little bit helps !

[Alex_Pro_Etsy]

If you open an Etsy account under a US citizen, you can connect Payoneer instead of a traditional bank account, as long as Payoneer is registered under the same name.

However, in most cases, you may still run into tax-related complications.

From my experience, setting up Etsy + Payoneer accounts under Ukrainian residents tends to be simpler