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Ebay Powerseller 800+ How to Fly Under the Radar?

Discussion in 'Ebay' started by Sierra65, Jun 16, 2013.

  1. Sierra65

    Sierra65 Newbie

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    Im new to ebay/payapal stealth and ghost accounts hopefully you guys can give me some help. Im a powerseller on ebay with 750+ feedback and do $8-10k a month in sales. I buy cell phones locally for cheap and flip them on ebay so my net sales are high but only a small portion of that is actual profit. Ebay raised my selling limits with some hassle but ive never had any issues with account suspension. My problem is i dont report to the irs my sales at the end of the year what options do i have to fly under the radar because after 20k in sales paypal is required to report your earnings. Thanks for any advice in advance.


    Also where should i be keeping my money, in my paypal account or keep transferring it to my bank?
     
  2. MrE

    MrE Executive VIP Jr. VIP Premium Member

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    Depending on your area you will only pay tax on your PROFIT, Net income - expenses = taxable income. Start reporting because you don't want them to come up with their own numbers for what you owe, it can be ugly and hard to fight after it's been accessed.

    Keep the cash in your bank account, not PayPal.... surprised that is even a question.
     
  3. siputlajuselalu

    siputlajuselalu Newbie

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    MrE, Can u explain more detail?
     
  4. notsostrong

    notsostrong Newbie

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    at the end of the year you will have to pay income tax on what you make (net), not what you sell (gross).

    ($10,000 monthly sales) - ($8000 monthly expenses) = $2000 net (you pay tax on this)

    set up an llc and go from there. if you don't keep track of your income/expenses the irs can pretty much say anything they want and even make you pay tax on your gross income.

    never keep money in your paypal account. take it out as soon as you can. i know people who have had their paypal accounts locked for 6+ months without any reason. they had $50,000+ locked up and were never compensated by paypal. one guy had to shut down his business.
     
  5. yupitsme

    yupitsme Newbie

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    if i were you i'd go along with a new paypal every time..... or even a friends paypal mate. remember every paypal is 20K sooooo......... make like 2-3 friends and you got 40k-60k :)