| | 
02-10-2015
| | Senior Member | | Join Date: Sep 2014
Posts: 1,030
Thanks: 94
Thanked 154 Times in 128 Posts
Activity: 0% Longevity: 54% | |  If I obtain an EIN, is it mandatory to file taxes?
I want to obtain an EIN to expand my business, not worrying about eBay/Paypal ever requesting for SSN, and supplier opportunities.
If I apply online and everything goes well (I really have no idea how to yet), is it mandatory to file taxes through that account?
Any other uses of having an EIN?
I've never hit the 20k/200 limit as I always stopped at about 19k and ignored the SSN request. eBay never suspended my original account until I got permanently banned for other reasons.
| |
The complete step-by-step guide to get back to selling today!
| | |
02-10-2015
|  | Executive [VIP] | | Join Date: Sep 2007
Posts: 42,343
Thanks: 5,612
Thanked 9,140 Times in 7,106 Posts
Activity: 0% Longevity: 96% | | Re: If I obtain an EIN, is it mandatory to file taxes?
Calling yankee!!!
Calling yankee!!!
Is yankee in the house? 
__________________ REAP WHAT YOU SOW. LIFE IS SO NOT FAIR. | | The Following User Says Thank You to GreenBean For This Useful Post: | |
02-10-2015
|  | Executive [VIP] | | Join Date: Nov 2013
Posts: 8,981
Thanks: 2,743
Thanked 3,107 Times in 2,281 Posts
Activity: 0% Longevity: 59% | | Re: If I obtain an EIN, is it mandatory to file taxes?
This is a loaded question with far to many variables to give an answer of any kind to.
Contact your CPA and maybe an attorney.
When I have more time I will come back to this, but pretty much whoever receives income, even if it winds up being a loss, should file taxes even if you fall into the very rare and unique situation that does not require you to file taxes.
Food for thought:
EIN(Companies) if used correctly is an entire new entity(or identity if you wanted to use it that way).
Lines of credit, dealerships, bank accounts, assets, liabilities, autos, equipment, and the list goes on and on and on and on can be and should be held in companies IMO.
Own nothing and control everything is the goal.
| | The Following 2 Users Say Thank You to yankee For This Useful Post: | |
02-10-2015
| | Senior Member
Threadstarter
| | Join Date: Sep 2014
Posts: 1,030
Thanks: 94
Thanked 154 Times in 128 Posts
Activity: 0% Longevity: 54% | | Re: If I obtain an EIN, is it mandatory to file taxes?
I'd rather not file taxes and stay under the 200/20k limit. So, I probably shouldn't obtain an EIN!  |
02-10-2015
| | Executive [VIP] | | Join Date: Nov 2013
Posts: 8,981
Thanks: 2,743
Thanked 3,107 Times in 2,281 Posts
Activity: 0% Longevity: 59% | | Re: If I obtain an EIN, is it mandatory to file taxes?
Quote:
Originally Posted by jakobrockz  I'd rather not file taxes and stay under the 200/20k limit. So, I probably shouldn't obtain an EIN! | So you think withdrawing funds to a debit card or bank account is under the radar?
This forum is not about avoiding taxes.
|
02-10-2015
| | Senior Member
Threadstarter
| | Join Date: Sep 2014
Posts: 1,030
Thanks: 94
Thanked 154 Times in 128 Posts
Activity: 0% Longevity: 54% | | Re: If I obtain an EIN, is it mandatory to file taxes?
Yea I understand that. Its just eBay isn't full time for me, yet. I'd rather not mess with my taxes until I'm able to support myself completely with eBay.
I may be just talking nonsense..  |
02-10-2015
| | Junior Member | | Join Date: May 2013
Posts: 326
Thanks: 7
Thanked 63 Times in 52 Posts
Activity: 0% Longevity: 62% | | Re: If I obtain an EIN, is it mandatory to file taxes?
Quote:
Originally Posted by jakobrockz If I apply online and everything goes well (I really have no idea how to yet), is it mandatory to file taxes through that account? | Depends. You are allowed one EIN to operate as a sole prop that you can file under your personal. Most states say that you file for each LLCs and Corporations that operate within the state.
|
02-15-2015
|  | Executive [VIP] | | Join Date: Apr 2010
Posts: 2,840
Thanks: 1,090
Thanked 683 Times in 494 Posts
Activity: 0% Longevity: 80% | | Re: If I obtain an EIN, is it mandatory to file taxes?
Its not that easy when PP doesn't want to report it either. If they are not sending you a 1099 then you are on your own. Paperwork slightly varies and its a grey area... You can play it safe and claim it as misc income without any 1099 from PP.
Ask your Tax specialist to be sure.
__________________
"Mark 11.24 Whatsoever ye desire, believe that ye have it, and it is yours"
|
02-17-2015
| | Junior Member | | Join Date: Apr 2011
Posts: 46
Thanks: 10
Thanked 10 Times in 8 Posts
Activity: 0% Longevity: 74% | | Re: If I obtain an EIN, is it mandatory to file taxes?
I reserve the right to be wrong and offer bad advice, but it is my understanding that forms need not be filled for your EIN until you have income reported under said EIN number.
For instance, an EIN obtained for a business that was started, but never had any sales does not owe any taxes and no filings are required. However once a 1099k is filled under that EIN you must certainly need to file.
critique me... Quote:
Originally Posted by yankee This is a loaded question with far to many variables to give an answer of any kind to.
Contact your CPA and maybe an attorney.
When I have more time I will come back to this, but pretty much whoever receives income, even if it winds up being a loss, should file taxes even if you fall into the very rare and unique situation that does not require you to file taxes.
Food for thought:
EIN(Companies) if used correctly is an entire new entity(or identity if you wanted to use it that way).
Lines of credit, dealerships, bank accounts, assets, liabilities, autos, equipment, and the list goes on and on and on and on can be and should be held in companies IMO.
Own nothing and control everything is the goal. |  |
02-17-2015
| | Executive [VIP] | | Join Date: Nov 2013
Posts: 8,981
Thanks: 2,743
Thanked 3,107 Times in 2,281 Posts
Activity: 0% Longevity: 59% | | Re: If I obtain an EIN, is it mandatory to file taxes?
Quote:
Originally Posted by macbook I reserve the right to be wrong and offer bad advice, but it is my understanding that forms need not be filled for your EIN until you have income reported under said EIN number.
For instance, an EIN obtained for a business that was started, but never had any sales does not owe any taxes and no filings are required. However once a 1099k is filled under that EIN you must certainly need to file.
critique me... | Yea, it you never used it I guess that would be under one of those unique situations but in all reality, why the heck would anyone do that?
That would make zero sense for the matter of stealth at hand. We add EIN only when absolutely needed and at that point, you have or expect to have reported income.
|
02-17-2015
| | Junior Member | | Join Date: Apr 2011
Posts: 46
Thanks: 10
Thanked 10 Times in 8 Posts
Activity: 0% Longevity: 74% | | Re: If I obtain an EIN, is it mandatory to file taxes?
If for example a stealth account used an EIN, and was canceled/banned before it had less then 600.00 in sales.
As it relates to Azn is a bit different as an EIN is required for the get go.
|
02-17-2015
| | Executive [VIP] | | Join Date: Nov 2013
Posts: 8,981
Thanks: 2,743
Thanked 3,107 Times in 2,281 Posts
Activity: 0% Longevity: 59% | | Re: If I obtain an EIN, is it mandatory to file taxes?
you can sell 50 items on Amazon before they limit your selling. You can get more life than that as well, but expect a 90 hold.
On paypal if you do not sell 200 items AND $20,000.00 you are not going to get a
I always recomend selling up until the point paypal limits your account before adding an EIN.
| | The Following 2 Users Say Thank You to yankee For This Useful Post: | |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off
| | |
|
