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If self employed last year and had no sales or tax withheld ie inactive do you still have to file a Schedule C with your Federal tax return and for tax purposes are you still considered self employed?
Your self employed as you said you are. You just need to show at what...and it was done in hope of profit, although maybe not making any (yet), and not as a hobby. (Any employee income is additional....you can have both). It would seem the business you run was either inactive, or unsuccessful...filing a Sch C, proving a loss, which can be used to offset self employed income in other years (and some other income in current year), would be advantageous.
Can a self employed persons income be garnished by a creditor?
No--when one gets garnisheed, the paperwork is sent to payroll at the company where one works. Depending on the State's law where that person lives is how it is determined how much is taken out of the paycheck a month. Now if someone is self employed, there is no payroll and you wouldn't necessarily guarnishee yourself. But if a tax refund is due, you might not get it as it could be taken. The down side to all of this is that the judgment will be in place and show up on the credit-- personal and business which would not be good for business.
When applying for a loan from a bank why is it important to have income statements and balance sheets?
Banks would like to know if you are able to pay back what you are borrowing, so it is vital that you show proof of income and assets,, it is with these statements that they can assess and approve the amount of your loan.
What kind of financial statements are required for a credit card application?
They need proof of income, employment and bank statements this is to show that you will have enough money to pay back the credit you have borrowed from the credit card company.
Do you still get income tax returnes when your self employed?
Of course you must file returns. You will also most likely get forms called a 1099 from some of those who paid you or you brought from, which essentially show your in business. You are required to make estimated payments every 3 months during the year, where you pay the taxes estimated to be due on your projected annual earnings (instead of having an employer do it through payroll withholding).
How does loan self certification work?
Loan self certifications are especially for people such as the self-employed, who do not have pay stubs or 1099's as proof of their income, to show a loan company or bank. This type of loan asks the person to reveal their income but does not require proof.
How do you show proof of income if you are not or have not been employed?
I used http://www.INCOMEDOCUMENTS.com to print out real proof of income and employment.... If you have income from Social Security or government, you can show your bank statement as proof. If you have rental income you can show your receipts or your bank statement. If you have income from your parents you can show a letter from them stating how much income you receive.
How do you show proof of income without filing taxes Let's say you want to rent an apartment and have only been working for the last 2 months as self employed?
You can show them a copy of your bank statements or books if you have an accountant. This should be sufficient to prove income. You can also provide them with a copy of previous income.
Are there any hopes for a 1st time home buyer, who is self employed, to secure a good home mortgage loan?
Yes it is possible. Make sure you show a suffcient proof of income as well as financial reserves.
If self employed last year and had no sales or tax withheld ie inactive do you still have to file a Schedule C with your Federal tax return and for tax purposes are you still considered self employed?
Your self employed as you said you are. You just need to show at what...and it was done in hope of profit, although maybe not making any (yet), and not as a hobby. (Any employee income is additional....you can have both). It would seem the business you run was either inactive, or unsuccessful...filing a Sch C, proving a loss, which can be used to offset self employed income in other years (and some other income in current year), would be advantageous.
Would a self-employed business man have to show a travel allowance before leaving Nigeria?
would a self-employed person, have to show a travel allowance, when leaving Nigeria for the U S
What are the advantages of a self certified mortgage?
The advantages of a self certified mortgage are numerous. Self certified mortgages are beneficial to those who are self employed because they do not have to show a constant income. Underwriting is a quicker process making deadlines easier to make. They are available to first time buyers, which can make it easier for them to be approved.
Can you get a mortgage if you are self employed?
Only if you have two years of tax returns to show somewhat consistent earnings.
In will and grace tv show what is grace's profession?
She is self employed as an Interior Designer for 'Grace Adler Designs'.
Why do mortgage companies request bank statement?
Mortgage Company Application RulesIt's one of the only sure ways they can determine an indiviudal's cash flow. In other words, how is he/she spending income and how much income is the individual actually receiving? Typically, this is mandatory in cases where the person who is applying for a mortgage can not show a W-2 from previous years or is self employed.
How can unclaimed income be subject to child support?
Child support is based on the income that the court finds that a person earns, not what their tax docs show. If one party believes that the other party is failing to claim some income, they would have to show proof of the hidden income, and ask the court to declare that the person's actual income reflects the higher number.
When filing bankruptcy do you need to show proof of income for your significant other if debts are not in their name but you are living together?
The "other" is not a part of your case.
