 My Stealth Account and Taxes
Well since my stealth account has been slowly getting better and better, and, well I hope less and less "looked at" by ebay, I am thinking about taking it to the next level. I've been slowly selling for about 7 months now and have a total of 71 feedback, just got top rated seller, and also have the bronze power seller.
That said, I'd like to start selling in bulk... Nothing crazy, just about 10 items per day instead of my 1-2 like I've been doing. The only thing that worries me is the whole 20k tax limit with paypal.
Now, lets make this clear, I have absolutely no problem paying taxes. I'd rather do that just so the IRS has no reason to ever look at me. But my main problem is what would happen if I surpassed the 20k limit in paypal. Will some random guy in some random state get a tax form from paypal? I definitely don't want that!
Also, I do have about 4 other stealth accounts running right now but this is my most successful one. Do I just hit 19,999 and stop it? Then move onto my other stealth accounts and so on? What would happen if I do surpass the 20k mark? From what I've read they'll ask me for a SSN... then what?? Can I put a EIN #?
I did a little bit of research before posting this but nothing seemed to answer my questions. If the info is out there I do apologize for not searching harder but I'm currently managing 2 other businesses outside of my ebay sales so I don't have much time.
Any advice, opinions, answers would be greatly appreciated!
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