Jump to content
Sign in to follow this  
thepizzadude

Income, W-2's , Small business what to do ??/s

8 posts in this topic

Recommended Posts

I really need guidance from someone who is or has went through this process as a business owner.

Ok, I have a small business and I have not really paid myself through payroll as I have always left the money stay in the business while it was growing, this year will be the first year that I will draw any significant income in payroll form. My past w-2's are not even worth talking about. My company is an S-Corporation which means all the profits from the business are taxed on my personal income taxes which show what that I do in fact meet the requirements for the threshold.

I have read many things about people being denied due to income obviously and I am wondering will my lack of w-2's harm our chances. You will say well how do you live, well honestly I live off the money I have made in my previous years jobs but it has been many years since then and I have now run low on savings. I own a restaruant so I get most my food there :thumbs: , I have used my credit pretty extensively also, so I do have a bit of debt at this point. :wacko: I pay most of my bills thru the business so I have never really needed to take anything up to this point.

I have also read that assets help also, but can they carry most of the burden if they won't count the business income, or do they know small business (s-corp's) in particular pass the profits thru to the personal taxes of the owner, and it is not thru a w-2. Income is derived thru capital gains etc and reported and carried thru a form (ironically it is a K-1 form).

My business is paid off and I own my home with a modest amount of equity, own car etc....would these assets in addition to my business profits be enough, or are the just looking for W-2's.

The reason I ask these questions is I have read on forum about people with a little better income over the threshold getting denied and ask for more info on income. I am just concerned and really don't know what to do at this point.

If I could turn back the clock I would have done things a little different, but giving uncle sam ALL my money is something my accountant helps me keep from doing but i'm afraid I probably should have just skip the write offs and depreciation of assets to show more income even though it would have cost more, but then this process would be a walk in the park.

Am I foolish to think I can handle this myself or should I consult a immigration attorney. :blink:

Thanks for any help u can offer.

Edited by thepizzadude

Mailed n-400 : 4-3-14

USCIS Received : 4-4-14

NOA1 Sent : 4-8-14

Biometrics Appt Letter Sent : 4-14-14

Biometrics Appt : 5-5-14

usaflag.gifphilippinesflag.gif

Poverty Guidelines : http://www.uscis.gov/files/form/i-864p.pdf
VisaJourney Guides : http://www.visajourney.com/forums/index.ph...amp;page=guides
K1 Flowchart : http://www.visajourney.com/forums/index.ph...amp;page=k1flow
K1/K3 AOS Guide : http://www.visajourney.com/forums/index.ph...mp;page=k1k3aos
ROC Guide : http://www.visajourney.com/content/751guide

DSC04023-1.jpg0906091800.jpg93dc3e19-1345-4995-9126-121c2d709290.jpg

Share this post


Link to post
Share on other sites
Filed: Other Country: China
Timeline
I really need guidance from someone who is or has went through this process as a business owner.

Ok, I have a small business and I have not really paid myself through payroll as I have always left the money stay in the business while it was growing, this year will be the first year that I will draw any significant income in payroll form. My past w-2's are not even worth talking about. My company is an S-Corporation which means all the profits from the business are taxed on my personal income taxes which show what that I do in fact meet the requirements for the threshold.

I have read many things about people being denied due to income obviously and I am wondering will my lack of w-2's harm our chances. You will say well how do you live, well honestly I live off the money I have made in my previous years jobs but it has been many years since then and I have now run low on savings. I own a restaruant so I get most my food there :thumbs: , I have used my credit pretty extensively also, so I do have a bit of debt at this point. :wacko: I pay most of my bills thru the business so I have never really needed to take anything up to this point.

I have also read that assets help also, but can they carry most of the burden if they won't count the business income, or do they know small business (s-corp's) in particular pass the profits thru to the personal taxes of the owner, and it is not thru a w-2. Income is derived thru capital gains etc and reported and carried thru a form (ironically it is a K-1 form).

My business is paid off and I own my home with a modest amount of equity, own car etc....would these assets in addition to my business profits be enough, or are the just looking for W-2's.

The reason I ask these questions is I have read on forum about people with a little better income over the threshold getting denied and ask for more info on income. I am just concerned and really don't know what to do at this point.

If I could turn back the clock I would have done things a little different, but giving uncle sam ALL my money is something my accountant helps me keep from doing but i'm afraid I probably should have just skip the write offs and depreciation of assets to show more income even though it would have cost more, but then this process would be a walk in the park.

Am I foolish to think I can handle this myself or should I consult a immigration attorney. :blink:

Thanks for any help u can offer.

Generally, self employed people use tax returns to verify income. USCIS and Consular Officers assume if you reported and paid taxes on an amount, then you actually had the income. Aren't the I-134 instructions pretty clear about self employed people providing a tax return? Best practice is three though. They understand self employed income is mostly or all non-employee (no W2) income.


Facts are cheap...knowing how to use them is precious...
Understanding the big picture is priceless. Anonymous

Google Who is Pushbrk?

A Warning to Green Card Holders About Voting

http://www.visajourney.com/forums/topic/606646-a-warning-to-green-card-holders-about-voting/

Share this post


Link to post
Share on other sites
Filed: Timeline

Does youre K-1 figure exceed the minimum poverty guideline for your household (including the alien which you would be sponsoring)?

I really need guidance from someone who is or has went through this process as a business owner.

Ok, I have a small business and I have not really paid myself through payroll as I have always left the money stay in the business while it was growing, this year will be the first year that I will draw any significant income in payroll form. My past w-2's are not even worth talking about. My company is an S-Corporation which means all the profits from the business are taxed on my personal income taxes which show what that I do in fact meet the requirements for the threshold.

I have read many things about people being denied due to income obviously and I am wondering will my lack of w-2's harm our chances. You will say well how do you live, well honestly I live off the money I have made in my previous years jobs but it has been many years since then and I have now run low on savings. I own a restaruant so I get most my food there :thumbs: , I have used my credit pretty extensively also, so I do have a bit of debt at this point. :wacko: I pay most of my bills thru the business so I have never really needed to take anything up to this point.

I have also read that assets help also, but can they carry most of the burden if they won't count the business income, or do they know small business (s-corp's) in particular pass the profits thru to the personal taxes of the owner, and it is not thru a w-2. Income is derived thru capital gains etc and reported and carried thru a form (ironically it is a K-1 form).

My business is paid off and I own my home with a modest amount of equity, own car etc....would these assets in addition to my business profits be enough, or are the just looking for W-2's.

The reason I ask these questions is I have read on forum about people with a little better income over the threshold getting denied and ask for more info on income. I am just concerned and really don't know what to do at this point.

If I could turn back the clock I would have done things a little different, but giving uncle sam ALL my money is something my accountant helps me keep from doing but i'm afraid I probably should have just skip the write offs and depreciation of assets to show more income even though it would have cost more, but then this process would be a walk in the park.

Am I foolish to think I can handle this myself or should I consult a immigration attorney. :blink:

Thanks for any help u can offer.


"diaddie mermaid"

You can 'catch' me on here and on FBI.

Share this post


Link to post
Share on other sites
Filed: AOS (apr) Country: Zambia
Timeline

If your personal income tax returns for 3 years prove that you are over the threshold, no problem at all. Supply them instead of W-2s. Meanwhile, for your own protection, it may be wise to separate your business from your personal life, i.e., by not having your personal expenses paid by the business, to pay yourself a modest salary plus distribution of profits, etc. If someone sues the business, then you can lose your home etc. in the process. Check with your CPA.

Share this post


Link to post
Share on other sites
I really need guidance from someone who is or has went through this process as a business owner.

Ok, I have a small business and I have not really paid myself through payroll as I have always left the money stay in the business while it was growing, this year will be the first year that I will draw any significant income in payroll form. My past w-2's are not even worth talking about. My company is an S-Corporation which means all the profits from the business are taxed on my personal income taxes which show what that I do in fact meet the requirements for the threshold.

I have read many things about people being denied due to income obviously and I am wondering will my lack of w-2's harm our chances. You will say well how do you live, well honestly I live off the money I have made in my previous years jobs but it has been many years since then and I have now run low on savings. I own a restaruant so I get most my food there :thumbs: , I have used my credit pretty extensively also, so I do have a bit of debt at this point. :wacko: I pay most of my bills thru the business so I have never really needed to take anything up to this point.

I have also read that assets help also, but can they carry most of the burden if they won't count the business income, or do they know small business (s-corp's) in particular pass the profits thru to the personal taxes of the owner, and it is not thru a w-2. Income is derived thru capital gains etc and reported and carried thru a form (ironically it is a K-1 form).

My business is paid off and I own my home with a modest amount of equity, own car etc....would these assets in addition to my business profits be enough, or are the just looking for W-2's.

The reason I ask these questions is I have read on forum about people with a little better income over the threshold getting denied and ask for more info on income. I am just concerned and really don't know what to do at this point.

If I could turn back the clock I would have done things a little different, but giving uncle sam ALL my money is something my accountant helps me keep from doing but i'm afraid I probably should have just skip the write offs and depreciation of assets to show more income even though it would have cost more, but then this process would be a walk in the park.

Am I foolish to think I can handle this myself or should I consult a immigration attorney. :blink:

Thanks for any help u can offer.

Generally, self employed people use tax returns to verify income. USCIS and Consular Officers assume if you reported and paid taxes on an amount, then you actually had the income. Aren't the I-134 instructions pretty clear about self employed people providing a tax return? Best practice is three though. They understand self employed income is mostly or all non-employee (no W2) income.

I know the instructions are pretty straight forward I just concerned about all the stories I read and I know we only see what they tell us so maybe don't know entire story Ijust like to cover all bases, my past years this year filing 2008 and last year 2007 exceed the threshold but 2006 does not, I have assets to an extent and I just am trying to comfort myself somewhat I suppose and want to make sure I do it right the first time around. :thumbs:

Thanks for your responses to my posts they have been helpful.

Does youre K-1 figure exceed the minimum poverty guideline for your household (including the alien which you would be sponsoring)?
I really need guidance from someone who is or has went through this process as a business owner.

Ok, I have a small business and I have not really paid myself through payroll as I have always left the money stay in the business while it was growing, this year will be the first year that I will draw any significant income in payroll form. My past w-2's are not even worth talking about. My company is an S-Corporation which means all the profits from the business are taxed on my personal income taxes which show what that I do in fact meet the requirements for the threshold.

I have read many things about people being denied due to income obviously and I am wondering will my lack of w-2's harm our chances. You will say well how do you live, well honestly I live off the money I have made in my previous years jobs but it has been many years since then and I have now run low on savings. I own a restaruant so I get most my food there :thumbs: , I have used my credit pretty extensively also, so I do have a bit of debt at this point. :wacko: I pay most of my bills thru the business so I have never really needed to take anything up to this point.

I have also read that assets help also, but can they carry most of the burden if they won't count the business income, or do they know small business (s-corp's) in particular pass the profits thru to the personal taxes of the owner, and it is not thru a w-2. Income is derived thru capital gains etc and reported and carried thru a form (ironically it is a K-1 form).

My business is paid off and I own my home with a modest amount of equity, own car etc....would these assets in addition to my business profits be enough, or are the just looking for W-2's.

The reason I ask these questions is I have read on forum about people with a little better income over the threshold getting denied and ask for more info on income. I am just concerned and really don't know what to do at this point.

If I could turn back the clock I would have done things a little different, but giving uncle sam ALL my money is something my accountant helps me keep from doing but i'm afraid I probably should have just skip the write offs and depreciation of assets to show more income even though it would have cost more, but then this process would be a walk in the park.

Am I foolish to think I can handle this myself or should I consult a immigration attorney. :blink:

Thanks for any help u can offer.

Yes for 2007 & 2008 they do.


Mailed n-400 : 4-3-14

USCIS Received : 4-4-14

NOA1 Sent : 4-8-14

Biometrics Appt Letter Sent : 4-14-14

Biometrics Appt : 5-5-14

usaflag.gifphilippinesflag.gif

Poverty Guidelines : http://www.uscis.gov/files/form/i-864p.pdf
VisaJourney Guides : http://www.visajourney.com/forums/index.ph...amp;page=guides
K1 Flowchart : http://www.visajourney.com/forums/index.ph...amp;page=k1flow
K1/K3 AOS Guide : http://www.visajourney.com/forums/index.ph...mp;page=k1k3aos
ROC Guide : http://www.visajourney.com/content/751guide

DSC04023-1.jpg0906091800.jpg93dc3e19-1345-4995-9126-121c2d709290.jpg

Share this post


Link to post
Share on other sites
If your personal income tax returns for 3 years prove that you are over the threshold, no problem at all. Supply them instead of W-2s. Meanwhile, for your own protection, it may be wise to separate your business from your personal life, i.e., by not having your personal expenses paid by the business, to pay yourself a modest salary plus distribution of profits, etc. If someone sues the business, then you can lose your home etc. in the process. Check with your CPA.

Agreed, I have really been taking a hard look at how I have been doing it in the past and wish I would have changed things a bit sooner but past is past, exactly the reason I am changing things starting immediately. Thanks for the info.


Mailed n-400 : 4-3-14

USCIS Received : 4-4-14

NOA1 Sent : 4-8-14

Biometrics Appt Letter Sent : 4-14-14

Biometrics Appt : 5-5-14

usaflag.gifphilippinesflag.gif

Poverty Guidelines : http://www.uscis.gov/files/form/i-864p.pdf
VisaJourney Guides : http://www.visajourney.com/forums/index.ph...amp;page=guides
K1 Flowchart : http://www.visajourney.com/forums/index.ph...amp;page=k1flow
K1/K3 AOS Guide : http://www.visajourney.com/forums/index.ph...mp;page=k1k3aos
ROC Guide : http://www.visajourney.com/content/751guide

DSC04023-1.jpg0906091800.jpg93dc3e19-1345-4995-9126-121c2d709290.jpg

Share this post


Link to post
Share on other sites
Filed: Other Country: China
Timeline
I really need guidance from someone who is or has went through this process as a business owner.

Ok, I have a small business and I have not really paid myself through payroll as I have always left the money stay in the business while it was growing, this year will be the first year that I will draw any significant income in payroll form. My past w-2's are not even worth talking about. My company is an S-Corporation which means all the profits from the business are taxed on my personal income taxes which show what that I do in fact meet the requirements for the threshold.

I have read many things about people being denied due to income obviously and I am wondering will my lack of w-2's harm our chances. You will say well how do you live, well honestly I live off the money I have made in my previous years jobs but it has been many years since then and I have now run low on savings. I own a restaruant so I get most my food there :thumbs: , I have used my credit pretty extensively also, so I do have a bit of debt at this point. :wacko: I pay most of my bills thru the business so I have never really needed to take anything up to this point.

I have also read that assets help also, but can they carry most of the burden if they won't count the business income, or do they know small business (s-corp's) in particular pass the profits thru to the personal taxes of the owner, and it is not thru a w-2. Income is derived thru capital gains etc and reported and carried thru a form (ironically it is a K-1 form).

My business is paid off and I own my home with a modest amount of equity, own car etc....would these assets in addition to my business profits be enough, or are the just looking for W-2's.

The reason I ask these questions is I have read on forum about people with a little better income over the threshold getting denied and ask for more info on income. I am just concerned and really don't know what to do at this point.

If I could turn back the clock I would have done things a little different, but giving uncle sam ALL my money is something my accountant helps me keep from doing but i'm afraid I probably should have just skip the write offs and depreciation of assets to show more income even though it would have cost more, but then this process would be a walk in the park.

Am I foolish to think I can handle this myself or should I consult a immigration attorney. :blink:

Thanks for any help u can offer.

Generally, self employed people use tax returns to verify income. USCIS and Consular Officers assume if you reported and paid taxes on an amount, then you actually had the income. Aren't the I-134 instructions pretty clear about self employed people providing a tax return? Best practice is three though. They understand self employed income is mostly or all non-employee (no W2) income.

I know the instructions are pretty straight forward I just concerned about all the stories I read and I know we only see what they tell us so maybe don't know entire story Ijust like to cover all bases, my past years this year filing 2008 and last year 2007 exceed the threshold but 2006 does not, I have assets to an extent and I just am trying to comfort myself somewhat I suppose and want to make sure I do it right the first time around. :thumbs:

Thanks for your responses to my posts they have been helpful.

Does youre K-1 figure exceed the minimum poverty guideline for your household (including the alien which you would be sponsoring)?
I really need guidance from someone who is or has went through this process as a business owner.

Ok, I have a small business and I have not really paid myself through payroll as I have always left the money stay in the business while it was growing, this year will be the first year that I will draw any significant income in payroll form. My past w-2's are not even worth talking about. My company is an S-Corporation which means all the profits from the business are taxed on my personal income taxes which show what that I do in fact meet the requirements for the threshold.

I have read many things about people being denied due to income obviously and I am wondering will my lack of w-2's harm our chances. You will say well how do you live, well honestly I live off the money I have made in my previous years jobs but it has been many years since then and I have now run low on savings. I own a restaruant so I get most my food there :thumbs: , I have used my credit pretty extensively also, so I do have a bit of debt at this point. :wacko: I pay most of my bills thru the business so I have never really needed to take anything up to this point.

I have also read that assets help also, but can they carry most of the burden if they won't count the business income, or do they know small business (s-corp's) in particular pass the profits thru to the personal taxes of the owner, and it is not thru a w-2. Income is derived thru capital gains etc and reported and carried thru a form (ironically it is a K-1 form).

My business is paid off and I own my home with a modest amount of equity, own car etc....would these assets in addition to my business profits be enough, or are the just looking for W-2's.

The reason I ask these questions is I have read on forum about people with a little better income over the threshold getting denied and ask for more info on income. I am just concerned and really don't know what to do at this point.

If I could turn back the clock I would have done things a little different, but giving uncle sam ALL my money is something my accountant helps me keep from doing but i'm afraid I probably should have just skip the write offs and depreciation of assets to show more income even though it would have cost more, but then this process would be a walk in the park.

Am I foolish to think I can handle this myself or should I consult a immigration attorney. :blink:

Thanks for any help u can offer.

Yes for 2007 & 2008 they do.

Then include two tax returns and call it good. I wouldn't complicate matters by showing any assets you'll need to document. Just leave all the asset questions blank if your income is enough.


Facts are cheap...knowing how to use them is precious...
Understanding the big picture is priceless. Anonymous

Google Who is Pushbrk?

A Warning to Green Card Holders About Voting

http://www.visajourney.com/forums/topic/606646-a-warning-to-green-card-holders-about-voting/

Share this post


Link to post
Share on other sites
I really need guidance from someone who is or has went through this process as a business owner.

Ok, I have a small business and I have not really paid myself through payroll as I have always left the money stay in the business while it was growing, this year will be the first year that I will draw any significant income in payroll form. My past w-2's are not even worth talking about. My company is an S-Corporation which means all the profits from the business are taxed on my personal income taxes which show what that I do in fact meet the requirements for the threshold.

I have read many things about people being denied due to income obviously and I am wondering will my lack of w-2's harm our chances. You will say well how do you live, well honestly I live off the money I have made in my previous years jobs but it has been many years since then and I have now run low on savings. I own a restaruant so I get most my food there :thumbs: , I have used my credit pretty extensively also, so I do have a bit of debt at this point. :wacko: I pay most of my bills thru the business so I have never really needed to take anything up to this point.

I have also read that assets help also, but can they carry most of the burden if they won't count the business income, or do they know small business (s-corp's) in particular pass the profits thru to the personal taxes of the owner, and it is not thru a w-2. Income is derived thru capital gains etc and reported and carried thru a form (ironically it is a K-1 form).

My business is paid off and I own my home with a modest amount of equity, own car etc....would these assets in addition to my business profits be enough, or are the just looking for W-2's.

The reason I ask these questions is I have read on forum about people with a little better income over the threshold getting denied and ask for more info on income. I am just concerned and really don't know what to do at this point.

If I could turn back the clock I would have done things a little different, but giving uncle sam ALL my money is something my accountant helps me keep from doing but i'm afraid I probably should have just skip the write offs and depreciation of assets to show more income even though it would have cost more, but then this process would be a walk in the park.

Am I foolish to think I can handle this myself or should I consult a immigration attorney. :blink:

Thanks for any help u can offer.

I'd just send your tax transcript for the most recent tax year would not bother with returns. I always send the transcripts as they serve as both proof of filing as well as proof of income.

Share this post


Link to post
Share on other sites
 
Didn't find the answer you were looking for? Ask our VJ Immigration Lawyers.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  
- Back to Top -


Important Disclaimer: Please read carefully the Visajourney.com Terms of Service. If you do not agree to the Terms of Service you should not access or view any page (including this page) on VisaJourney.com. Answers and comments provided on Visajourney.com Forums are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Visajourney.com does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. VisaJourney.com does not condone immigration fraud in any way, shape or manner. VisaJourney.com recommends that if any member or user knows directly of someone involved in fraudulent or illegal activity, that they report such activity directly to the Department of Homeland Security, Immigration and Customs Enforcement. You can contact ICE via email at Immigration.Reply@dhs.gov or you can telephone ICE at 1-866-347-2423. All reported threads/posts containing reference to immigration fraud or illegal activities will be removed from this board. If you feel that you have found inappropriate content, please let us know by contacting us here with a url link to that content. Thank you.
×
×
  • Create New...