I-134 for Business Owners

[Charles C 0]

I am a business owner and my income (and tax returns) are linked to our business. Over the past several year business losses have made it possible to owe no taxes. Will this affect my ability to demonstrate an ability to support my family? I have income from the business, but this income (my regular pay) is offset by business losses. Anyone that can offer guidance here - I appreciate it. My accountant and I are trying to figure out how to represent my ability to support my family and meet the requirements of being a sponsor.

[Anh map 2,098]

A self employed person uses line 22 from their most recent form 1040 (2010 if filing soon) as their income for the affidavit of support. This factors in the schedule C profit or loss.

You can revise your 1040, show the income, and pay the tax for 2010 if needed.

Or if you have sufficient assets to meet the income requirement (3 x income amount needed for your household ) you can use assets to make up the income shortfall.

This I-864 FAQ maybe helpful. http://travel.state..../info_3183.html The I-864 standards are typically used when considering an I-134 filed in support of a K1 petition.

Edited July 13, 2011 by Anh map