Self employment current income proof NEED HELP

[happyblah 1]

Hello VJ!

I have a question would my husbands personal checking account statements and business license be enough for income for current income proof?Beside 3 years worth tax returns&

Edited September 16, 2012 by happyblah

[tempa 1]

if the three years are over the required limit, it should be fine.

with the checking account you can show that money is still flowing.

so, in my opinion yes. (known to be wrong too...)

[Anh map 2,098]

Hello VJ!

I have a question would my husbands personal checking account statements and business license be enough for income for current income proof?Beside 3 years worth tax returns&

For a self employer person the most recent year's form 1040 is the source for the income amount used. Look at line 22 of the tax return for that income number.

[linux7 2]

I had sent my AOS with business checking account statements from Jan to current month. I had also sent a letter from my main client. However If you have 3 years of tax returns and account statements for last 6 months or so, it should be good.

[happyblah 1]

For a self employer person the most recent year's form 1040 is the source for the income amount used. Look at line 22 of the tax return for that income number.

What would be a proof of current employment then? Because they do ask for it from employed and self employed? Is the state business license a proof?

[X Factor 1,112]

What would be a proof of current employment then? Because they do ask for it from employed and self employed? Is the state business license a proof?

State business license is not proof of income. However you can submit it to show ownership of a business. The most important document is your tax return Form 1040 along with Schedule C or the appropriate attachment that shows business income.

[happyblah 1]

I understand that! But as self employed he has nothign else to show besides his tax returns and personal checking account showing flow of money.

[Anh map 2,098]

I understand that! But as self employed he has nothign else to show besides his tax returns and personal checking account showing flow of money.

It's not about cash flow, it's all about line 22 of the tax form.

[happyblah 1]

It's not about cash flow, it's all about line 22 of the tax form.

I am not worried about line 22 as it showes over 40 000 $ I am worried about proof of current income.There isnt such!

[tempa 1]

if there isn't such, then you can't provide it. simple as that.

[ceadsearc 516]

I am not worried about line 22 as it showes over 40 000 $ I am worried about proof of current income.There isnt such!

Typically those who are self-employed don't have to show the same current income. You just show your return because as you know proving ongoing income is difficult. Same as if you were now making a lot self-employed but your last tax return was under the limits, you would need a cosponsor.

[KayDeeCee 4,893]

I am not worried about line 22 as it showes over 40 000 $ I am worried about proof of current income.There isnt such!

For self-employed, that is all you need. They will base the 125% requirement off of line 22 of the most recent 1040.

[Dr Mirage 0]

Self Employed.

I remember sending them Business ITR for 3 years. Personal ITR for 3 years.

Bank Statements, Business Cards with Business Letterhead stating my position and responsibilities.

W2's were also included.

What I tried to do extra things because its better to send more than not enough paperwork. I also sent copies of my check stub's

Business Lincense, Reseller's Permit with my name on there.

Hope it helps.