Finances for the self employed at Juarez

[paradise.71 0]

Hello again, it's me the worry wart! LOL.

My income for this year is going to be about the poverty level, but I have plenty enough finances behind me to cover the difference.(2 houses, about $100,000 in total cash assets, vehicles and personal belongings). But my business got hit really hard in 2008, and i made very little money that year.

I know I am supposed to show 2 years taxes, and i will, but do you think that the bad year is going to hurt us? I guess I'm paranoid, but I can see us getting a hard time or even being turned down over. What do y'all think? Thanks,

Bryan

[Darnell 8,479]

study the I-864 for classes of assets. Ya, yer using the I-134, but with W-2/taxable income below the poverty line, the ConOff will use the I-864 guidelines for assets AND the computation for 'poverty level'.

100K in cash TRUMPS a lot of prior stuff, each time.

Touch base with your CPA, prepare AUDITED Income and Assets Statement (should be no more than 2 hours of billable time), include ORIGINAL (make certified copies too, file these away for AOS) with the I-134 submittal at the Embassy.

re: vehicles - 1st vehicle doesn't count for the evaluation.

re: houses - evaluation done for cash value - this can be determined by equity or appraised value, usually need licensed appraiser's certified statement. if you have a mortgage or a lien on the house, i'd seriously rethink this, maybe not include it. Whatever financial 'thing' you have on the house - you'll have to compute the 'cash out' value after a sale - so prepare a small spreadsheet on that. If yer upside down on a mortgage, DOUBLE OUCH.

Good Luck !

[paradise.71 0]

study the I-864 for classes of assets. Ya, yer using the I-134, but with W-2/taxable income below the poverty line, the ConOff will use the I-864 guidelines for assets AND the computation for 'poverty level'.

100K in cash TRUMPS a lot of prior stuff, each time.

Touch base with your CPA, prepare AUDITED Income and Assets Statement (should be no more than 2 hours of billable time), include ORIGINAL (make certified copies too, file these away for AOS) with the I-134 submittal at the Embassy.

re: vehicles - 1st vehicle doesn't count for the evaluation.

re: houses - evaluation done for cash value - this can be determined by equity or appraised value, usually need licensed appraiser's certified statement. if you have a mortgage or a lien on the house, i'd seriously rethink this, maybe not include it. Whatever financial 'thing' you have on the house - you'll have to compute the 'cash out' value after a sale - so prepare a small spreadsheet on that. If yer upside down on a mortgage, DOUBLE OUCH.

Good Luck !

Many thanks on this. Being self employed does have its drawbacks in this world. I think this is very sound advice, and I will look into getting these things done. Thanks again

Bryan