AOS and self employment

[JFMMZZ 0]

I have a full time job making more than 25K and a part time self-employment business buying and selling baseball memorabilia making about 7K so far this year. I just started this business in 2009 and have no previous tax forms to show income from it so I will provide copies of bank statements that show deposits from this income and a letter from the bank showing the total deposits in the past few months. Do you think I should also submit receipts from the sales? Thank you very much.

[reeses16 8]

If you meet the 125% poverty guideline (for the # of people in your family) off of your full-time 25K employment alone. Then I would not include anything about your self-employment business. However, if you do not meet the guidelines without it, then it may be a good idea to include a short letter stating that date your business started and that income from it will not be available until you file your 2009 returns, so you have include a record of deposits. I don't think sales receipts are necessary...I doubt someone will want to look at a lot of receipts.

Also, keep in mind that you can make up for a short fall in income with 3x the difference in assets. If are $1000 short in terms of income, but can document $3000 in savings (or other asset like CDs , 401k, etc.) then you are fine.