Paying taxes with stealth accounts

[Tansey2]

I did a search on this subject but really didn't find any substantive answers on how you pay taxes with stealth accounts, so I thought I'd start a new discussion.

If you have 15-20 stealth accounts that bring in approximately $300 a month, how are you supposed to pay taxes when all the info on the accounts is stealth?

Any insights on this tricky issue would be greatly appreciated.

[ShadyOne]

I would like to know how some of the forums get around this problem in the UK also.

[Gman91189]

thats the thing.. you cant.. u cant provide a ssn hence y its called STEALTH
thats y once u get close to that 200 transactions/20k limit.. u should move on to another stealth

[ShadyOne]

thats the thing.. you cant.. u cant provide a ssn hence y its called STEALTH
thats y once u get close to that 200 transactions/20k limit.. u should move on to another stealth

What about in the UK, do you know anything about it here?

Thanks

[Gman91189]

Again.. its stealth i dnt know about the UK r how they wrk
But itsa stealth account ⊗⊗⊗⊗ name add phone mac ip add the whole 9 yrds...how can it possibly be traced back to you??

[ShadyOne]

Again.. its stealth i dnt know about the UK r how they wrk
But itsa stealth account ⊗⊗⊗⊗ name add phone mac ip add the whole 9 yrds...how can it possibly be traced back to you??

If you sold someone ⊗⊗⊗⊗ vero and the asked to return it, you gave them your real return address, 2 weeks later trading standards (USA equiv) and the tax man are knocking at your door

[museman]

Originally Posted by Gman91189

Again.. its stealth i dnt know about the UK r how they wrk
But itsa stealth account ⊗⊗⊗⊗ name add phone mac ip add the whole 9 yrds...how can it possibly be traced back to you??

Well if you have any significant amount of deposits to YOUR bank accounts you need to be ready to explain where those came from.

20k is the limit before they require SSN for tax reporting purposes, they will most likely hound you for it before you reach it so plan on moving on before 20k.

When you do your taxes they don't require too much information. You basically tell them your cost of goods and cost of doing business and what you received in sales and you pay your taxes based on the profit you made.

Now at the same time you NEED to have some accounting information, sales/deposit data, receipts for cost of goods and doing business, etc... because you can be audited at some point and you are required to have this information for them.

This is somewhat speculative as I haven't consulted any tax service or accountant yet but these are some assumptions I am operating under for the moment


(fictitious and simplified example)

I spent 75k on goods, here are my receipts to back that up.
I spent 5k on shipping supplies and fuel to make trips to the post office, again here are my receipts and mileage data.
Here are my bank statements that show I have received 120k in deposits to my 7 bank accounts this year.
So I report a 40k profit and pay taxes accordingly.

Again, don't think because these are stealth accounts you are clear of paying taxes. IRS is NOT to be messed with they can and will ruin you.

[ShadyOne]

Again, don't think because these are stealth accounts you are clear of paying taxes. IRS is NOT to be messed with they can and will ruin you.

Touche. Touche. Touche...

My advice to anyone would just be, don't get greedy.

[Gman91189]

Orrrr you could just buy stuff off the STEALTH account from lets say best buy for an example and pick it up (diff name) and gift cards etc..
again u dont need to withdraw a penny to YOUR bank account.. none of that is necessary. think outside the box ppl

[ShadyOne]

Orrrr you could just buy stuff off the STEALTH account from lets say best buy for an example and pick it up (diff name) and gift cards etc..
again u dont need to withdraw a penny to YOUR bank account.. none of that is necessary. think outside the box ppl

I think you posted in the wrong thread.

[Gman91189]

Originally Posted by museman

Well if you have any significant amount of deposits to YOUR bank accounts you need to be ready to explain where those came from.

that post was regarding this comment

[Tansey2]

Originally Posted by Gman91189

Orrrr you could just buy stuff off the STEALTH account from lets say best buy for an example and pick it up (diff name) and gift cards etc..
again u dont need to withdraw a penny to YOUR bank account.. none of that is necessary. think outside the box ppl

But most of us (I would presume) are selling products to make money. So buying a bunch of crap at BestBuy instead of withdrawing the funds would completely defeat the purpose.

Plus, don't you need an ID to pick up products at BestBuy if you pay with PayPal? How will you do that with a stealth account?

Don't want to get off topic, though, mind you. This is still about the best way to pay your taxes with stealth accounts.

[Gman91189]

HOWEVER..
yes ofcourse we are alll here to make some money ofcourse, thats unwritten
you could buy AMEx cards at walmart.. pay bills, or get groceries with it etc..

why do we make money? to spend it.. every one saves to spend one way or the other..
you save to buy groceries or gas for your card.. we're in 2011
a device i like to call "plastic" or cc/gift cards can be bought a Walmart for ex.
yea u have to spend 5-6 buck to buy 100 dollars worth.. but that could skip out on alot of taxes..
if your making that much money trust me 5-6 dollars to get 100 its nothing..

and have you ever purchased something for a friend.. you could buy it under ur "stealth" name and have it picked up by you... or shipped to a friends/fams add if your that paranoid about it....
there are some threads about those topics on here

yes theoretically speaking your correct that IS the best way to pay taxes.. but come on you really think ppl on here are goin to be trying to keep track of that while they have 20 accounts up and running i highly doubted...

[ShadyOne]

HOWEVER..
yes ofcourse we are alll here to make some money ofcourse, thats unwritten
you could buy AMEx cards at walmart.. pay bills, or get groceries with it etc..

why do we make money? to spend it.. every one saves to spend one way or the other..
you save to buy groceries or gas for your card.. we're in 2011
a device i like to call "plastic" or cc/gift cards can be bought a Walmart for ex.
yea u have to spend 5-6 buck to buy 100 dollars worth.. but that could skip out on alot of taxes..
if your making that much money trust me 5-6 dollars to get 100 its nothing..

and have you ever purchased something for a friend.. you could buy it under ur "stealth" name and have it picked up by you... or shipped to a friends/fams add if your that paranoid about it....
there are some threads about those topics on here

yes theoretically speaking your correct that IS the best way to pay taxes.. but come on you really think ppl on here are goin to be trying to keep track of that while they have 20 accounts up and running i highly doubted...

I don't get this?

Are you saying these methods are a way of avoiding tax or a way of making money through 'expenditure' when you are paying tax?

[Gman91189]

A way to avoid tax.. there are some threads on here on how to take out money from pp