Forum

Starting again: are my steps sensible
 

So i bought the guide on how to stealth! Seems easy enough, but my question and concerns are as follows:

1) I sell cellphones, and last time my paypal account was limited within the first week (i signed up one day, and had 7,000 to sell the next). So should probably use a little siblings SSN. However my profit for the year is estimated at $60,000, how is that going to work with taxes (I claim taxes btw).

2) I have already set up some accounts awhile back for the day I am suspended (hopefully never!) They were registered on different computers under different names, but never changed IPs or users or anything like that. Note: I am in good standings at the moment.

3) Should i start setting up accounts the way the guide told me, or the ones I made sufficient enough?

I am currently moving accross the country (OH to AZ) and will be making new bank accounts and what not. But like I said I am in good standings now and will probably keep my current account.

Should I start setting up accounts now? or wait til im suspended?

1) I would stay away from the siblings SSN. you are a business whether you like it or not pulling that kind of numbers. Time to make it legit and get the LLC and EIN and file that way. what are you doing now IF you say you are paying your taxes. Either way you are selling risky items and you will be in for many limitations with ebay until you prove to them you are a legit seller and not ripping people off,etc.

2). If they are all on different computers, etc then you dont have to do user changes, etc. The IP deal is questionable though but I have done it on different computers and didnt worry about IP's so maybe others will chime in.

3) You dont need a different computer for each. The guide explains how easy it is to just change users for each account. Both seem to be fine but the guide is simpler.

4) If it were me, I would just wait until you move so you dont have to change addresses, etc and cause more confirmation suspensions/limitations.

Nope, I have already been limited. SSN verified and all that fun ****!

I have been doing this since march, and only limitation I got was when I was first doing it. (withdrawing thousands within the first week of opening account.)

It was limited until atleast 10 of the tracking numbers showed delivered

I agree 100% with KingRay,,,

Can I create a paypal account that will not have limitations with an EIN. When reading through the guide I thought this was the best option, to just keep re registering my business.

Would paypal accecpt EIN?

Paypal does accept the EIN but you need to understand that once you file for one with the IRS you are a full blown business and will have to show everytrhing from day one. also you cannot just claim taxes on an EIN one year and not the next. you have to show what you did with the company as they will wonder what is going on with it. You cant just say, It didnt work. you have to show how it was abolished, etc.

The EIN is a great option but you are VERY liable for reporting, etc with it.

So I would have to have records the first day the business and EIN were granted?

I have been doing this, but from march - mid june I kept no records. It was then that my business started, well turning into a business, and not just a hobby.

I have records (spreadsheets) for the day I buy a phone and price. I also have all my business related expenses tied into that spreadsheet also.

Then I have serpate spreadsheet for everything I sell. The profit I make before fees, what I charge for shipping, and actual shipping.

Everything is pretty well documented, this is what I will give to my accountant before filing taxes in april.

Currently just filing under sole proprietor and using my SSN