Quick question about 2007 taxes

[SteveColo 0]

I was going to show my 2007 taxes at the interview (I have W2's, bank letter, pay stubs, employment letter and the extention I filed with the IRS for the tax year 2008).

Anyway ... on my 2007 taxes, I basically show no income since I was self-employed. On the Schedule C, it shows my gross wages at 67K then picks it down from there, like any good CPA would do, basically ending up with no income.

So, with that in mind, should I even present my 2007 taxes at the interview?

Thanks,

Steve

[Gary and Alla 3,694]

I was going to show my 2007 taxes at the interview (I have W2's, bank letter, pay stubs, employment letter and the extention I filed with the IRS for the tax year 2008).

Anyway ... on my 2007 taxes, I basically show no income since I was self-employed. On the Schedule C, it shows my gross wages at 67K then picks it down from there, like any good CPA would do, basically ending up with no income.

So, with that in mind, should I even present my 2007 taxes at the interview?

Thanks,

Steve

I presume you also have your 2008 taxes, correct? There is no need to present the 2007 taxes unless it benefits you, sounds like it doesn't. I presented only one year for the K-1/K-2 last year and will present only one year (2008) for the K-2 this year.

The schedule C shows your gross revenues as 67K and your income as 0. The -0- amount would be entered on line 22 of the 1040 and therefore you income is -0-.

I was in the same situation, but aware that I would present my 2007 return as support when I prepared the tax return, I declined to claim many legitimate business deductions until I ended up with enough "income" to meet the qualifications (and paid the tax on it!) My 2006 return shows -0- income as I was self employed and had no inkling I would go through this procedure. It was not a problem for the AOS and I did not give my 2006 return at the K-1 interview for exactly that reason, it was not beneficial to me. The good news will be your 2009 return when you get credit for a family after having deductions for single! HUGE tax return! (though I am not so pleased about the interest free loan I made to the government)

This year it wouldn't make any difference but Kiev does not require more than one year and 2008 looks pretty good for me, I'll go with that.

Give them the 2008 return and sleep well.

[SteveColo 0]

I presume you also have your 2008 taxes, correct?

No ... I filed an filing extension for 2008. I have the documentation of that from the IRS. Then I've got 2008 W2's, pay stubs, employment letter, bank letter, etc ...

Edited April 27, 2009 by SteveColo

[Vegabond 0]

I am in the same boat since 2006. self employed and will show income for the first time in 2008, I have decided to have a cosponsor as a backup.

Even though they may be understanding and see that "self employed people do not sit on their ####, and do feed them selves during the work hours.

Actually that should be greatfull that folks in this economy are taking a risk and starting something up hopefully resulting in the employment of others.

[Gary and Alla 3,694]

I presume you also have your 2008 taxes, correct?

No ... I filed an filing extension for 2008. I have the documentation of that from the IRS. Then I've got 2008 W2's, pay stubs, employment letter, bank letter, etc ...

As we discussed elsewhere Steve, it is best to have the most recent year tax return, though nothing in particular is required. It is my belief that since this person (CO) has to make a judegemnt about your ability to support your family in but a moment, it is best to give them what they are accustomed to seeing. But 1 years return is sufficient in Kiev. I think you are good to go!

[Gary and Alla 3,694]

I am in the same boat since 2006. self employed and will show income for the first time in 2008, I have decided to have a cosponsor as a backup.

Even though they may be understanding and see that "self employed people do not sit on their ####, and do feed them selves during the work hours.

Actually that should be greatfull that folks in this economy are taking a risk and starting something up hopefully resulting in the employment of others.

Nothing wrong with a co-sponsor. Kiev does not ask for more than your previous years (2008) return and documentation of current income. If those are adequate you should be fine. Having the co-sponsor in your paperwork will not hurt. The risk to a co-sponsor on an I-134 is so small as it is replaced by the I-864 when you adjust status, so why not?

They may "understand" about self employed people and they may not. Since this person making this judgement does not know you, it is best to have what they need to "check the box" on their checklist.