I-134 Business Owner

[diamondfloor 10]

Hi there,

My fiance is a business owner and he pays himself only as much as he needs to cover his personal expenses. His housing costs (six bed, two bath home), utilities, food and bills are covered by the business. Because of this, his income looks very low and is below the threshold. He owns the business, which is valued at over $1 million and is in good standing.

How can we show on the I-134 that we will not become a public charge? For example, would they accept a letter from his accountant to clarify the situation and an official valuation of the property?

Would appreciate any advice

[Darnell 8,480]

audited income/loss statements, quarterly, published by the cpa,

along with the business tax returns,

going back 3 years.

OR (what I did, as I'm in the same situation)

I actually paid myself the last 2 years and filed personal income taxes.

He could do something retro-actively, filing 2 1040X's .

Edited November 27, 2012 by Darnell

[diamondfloor 10]

audited income/loss statements, quarterly, published by the cpa,

along with the business tax returns,

going back 3 years.

OR (what I did, as I'm in the same situation)

I actually paid myself the last 2 years and filed personal income taxes.

He could do something retro-actively, filing 2 1040X's .

Thanks Darnell. Interesting!

[Abell 11]

it depends on the type of business, if it is corporation then it is separate entity from you and only your personal income will be used to see if you qualify. if you take dividends, they not your salary but they are on your tax return, if your total income on 1040 is less then what they are looking for then there is no much you can do but to use assets or co sponsor, for a different type of business you can attach some earns and loss schedules

[diamondfloor 10]

Hi Abell,

Thanks for your post. So you think his business will not be counted as his asset then? This is what I was aiming for.

[Gary and Alla 3,696]

Hi Abell,

Thanks for your post. So you think his business will not be counted as his asset then? This is what I was aiming for.

The business is separate from him. The only income that counts is what shows up on his 1040, line 22. That would be the amount that is below the threshold.

As Darneell says he can file 1040X's for previous years, claim more income ad less dedcutions and pay more tax OR he can get a co-sponsor. You say that the business pays for his home, food, etc. I am not an acountant but had my own business for many years and never found a way to legally claim those things as business expense or cost (part of the home, yes...all of it, NO) Anyway that may be something he wants to discuss with his accountant.

I had my own business and much the same situation, I ended up accepting a part time position with my largest client as an employee with a salary which met the guidelines and used that for my affidavit and kept that status until now. I will be changing it back shortly.

[diamondfloor 10]

Hi,

As we will be going through the London embassy, I looked at their specific info which is available here: My link

This caught my attention: 'If the sponsor is well established in business he or she may submit a rating from an recognized business rating organization in lieu of the foregoing. '

Just trying to figure out the best way to present the complete info so looking at all avenues. I will be working as soon as I am able, so thinking about self-sponsorship if there's not a way to include his business as assets. Its not really clear cut in our case as we will be relying on a number of things (eg I am saving so that I have enough to cover us for the period of time prior to EAD and will have that plus the proceeds from my assets in the UK to include).

Kind of getting in a tailspin!

[Darnell 8,480]

in that quote, sponser = him, not you.

So whilst it's possible for you to self-sponser, it is also possible for him to submit the audited income/loss statements from the cpa and the business tax returns AND the corporation paperwork showing him above 50 percent partner or owner.

Have him talk with his CPA a bit, showing the entire thread to the CPA.

Good Luck !

[diamondfloor 10]

Thanks Darnell - will do!