Self employed K-1 petitioner

[gezzuzz 1]

OK its tax time and i need some advice..

im self-employed last year i made about $40,000

i have about $30,000 in write offs.. (first year in business)

if i write it all off that leave me with a income of $10,000..

i can write off less to show higher income..

i would like to hear from other selfemployed people who with thru the process

2008 i claimed $30,000 when i was not selfemployed

[gezzuzz 1]

i have read something about having banking assets to offset the difference..

i have about $20,000 in cash assets..

[Alcheringa 39]

Unless I am mistaken -- and might be -- they would look at your gross income prior to the deductions. Someone else more knowledgeable will have to confirm that.

In regard to the use of assets, if your income is insufficient -- 40K will not be if I am correct about the gross income bit -- then you would need enough assets to make the difference.

This should explain it:

http://www.visajourney.com/content/support

When assets are used, the assets must equal 5 times the difference between the annual income and the

needed 125% of the poverty level, this is because the affidavit is in effect for 5 years. For instance, if you

needed $15,500 income and had an annual income of $13,500, you would need an extra $2,000 of assets for 5

years, or a total of $10,000 in assets in addition to your income. In general, if you are deficient on yearly income

for sponsorship and your assets are somewhat borderline, do not take chances--have a co-sponsor. If you do not

have a job or a steady income from other sources (such as retirement income), you will likely have to get a

co-sponsor for your spouse, even if your assets are adequate. The USCIS looks VERY CLOSELY at current income

and not just the assets.

I'm in the same position. The rule is that you would have to be able to convert reported assets within a year to cash without losing an inordinate amount of value or causing hardship. And if you consider an automobile as an asset, you have to be able to prove you have a second functioning vehicle on hand as well.

[gezzuzz 1]

do they look at the source of the cash assets? if someone loaned me $10,000 to put in my bank account for extra padding?

[Alcheringa 39]

I'd suspect cash is cash, so long as it wasn't reckoned as a loan during the proceedings and is accessible.

I'm actually proceeding with ONLY cash assets, so we'll see how that pans out.

[pushbrk 12,969]

Unless I am mistaken -- and might be -- they would look at your gross income prior to the deductions. Someone else more knowledgeable will have to confirm that.

In regard to the use of assets, if your income is insufficient -- 40K will not be if I am correct about the gross income bit -- then you would need enough assets to make the difference.

This should explain it:

http://www.visajourney.com/content/support

I'm in the same position. The rule is that you would have to be able to convert reported assets within a year to cash without losing an inordinate amount of value or causing hardship. And if you consider an automobile as an asset, you have to be able to prove you have a second functioning vehicle on hand as well.

Unfortunately, you ARE mistaken with regard to income. Why speculate when others can give definitive answers?

When a self-employed person states income it's from line 22 of the tax return, so AFTER legitimate business expenses have been deducted. There is no requirement to take every deduction to which one is entitled AND filing amended returns at a later date IS allowed. Cash or other liquid assets can be used to offset an income shortfall but it takes $3 in assets to replace $1 in income shortfall.

[gezzuzz 1]

Unfortunately, you ARE mistaken with regard to income. Why speculate when others can give definitive answers?

When a self-employed person states income it's from line 22 of the tax return, so AFTER legitimate business expenses have been deducted. There is no requirement to take every deduction to which one is entitled AND filing amended returns at a later date IS allowed. Cash or other liquid assets can be used to offset an income shortfall but it takes $3 in assets to replace $1 in income shortfall.

thanks.. knowing what line to get it from is a big help.. i was looking at leaving some deductions out and doing a amended return later..

also is it 3 or 5 times the missing income?

when is the affidavit of support needed? my noa1 date is the first of april.. how much time do you think i have to save?

[pushbrk 12,969]

thanks.. knowing what line to get it from is a big help.. i was looking at leaving some deductions out and doing a amended return later..

also is it 3 or 5 times the missing income?

when is the affidavit of support needed? my noa1 date is the first of april.. how much time do you think i have to save?

It's three times for a fiancee or spouse and five times for anybody else. You'll probably have at least until July before you need to provide an I-134.

[gezzuzz 1]

It's three times for a fiancee or spouse and five times for anybody else. You'll probably have at least until July before you need to provide an I-134.

good to know.. by july i can have $30,000 saved and at 3x thats a $10,000 padding...