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- - How do you pay taxes on Stealth Accounts?? (https://www.aspkin.com/forums/subscriber-discussions/35029-how-do-you-pay-taxes-stealth-accounts.html)

HowYaLivin

08-08-2011 03:57 PM

How do you pay taxes on Stealth Accounts??

Is it even possible to pay taxes on Stealth accounts without opening a can of worms?

cherrqell

08-08-2011 04:17 PM

Quote:

Originally Posted by HowYaLivin (Post 257142)

Is it even possible to pay taxes on Stealth accounts without opening a can of worms?

The IRS doesn't care how you make it, they just want a cut. If you want to write off your expenses, file a sched. C profit and loss.

HowYaLivin

08-08-2011 04:22 PM

That still doesn't explain how a fiticious name pays taxes. Just sending the IRS a check is not going to cut it.

sickofbaypowertrip

08-08-2011 04:27 PM

I need this information also! PP wants me to add my ss# but when I do it will match up with another account then they will tell ebay & I will be shut down, I'm afraid! I have a business EIN but won't they match the dba name and street address also?

jbluntz

08-08-2011 05:25 PM

You pay taxes on the money that goes into your bank account.

HowYaLivin

08-08-2011 05:33 PM

now That make Perfect sense. Thanks bluntz:clap:

HowYaLivin

08-08-2011 05:52 PM

But wait, so the IRS is only concerned about the bank acct owner linked to the Paypal account and NOT the Paypal acct. Do I have this correct?

GreenBean

08-08-2011 05:59 PM

You see a tax accountant to work out the best manner of dealing with this. You do a search of the forum too. It's been spoken about many times.

Paypal and reporting to IRS 1099 have had plenty of threads.

GreenBean

08-08-2011 06:07 PM

http://www.aspkin.com/forums/paypal-...d-s-s-irs.html

http://www.aspkin.com/forums/amazon/...do-my-own.html

2 threads to help.

Bear in mind, we are not a tax forum. You should look elsewhere for help.

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