taxes for self employed

[Oliverpb 2]

I have a question for supplying the forms to my fiancee. I am currently living the dream of owning my own business. I have been self employed for 7 months now and I am just filing my taxes for 2011. Moscow asks for 5 items in the financials,

1. original tax forms signed from last year... Check

2. Form I-134... Check

3. Form W2. I have mine from last year since I left the company in July...

4. Bank Statement... Check (letter stating average balance, years with bank, current balance. Also current statement)

5. Letter from employer... What do I do in this case? write my own letter? I do very good for myself and the business is taking off great, but I have read self employed need 3 years of tax forms. Same if the business just started?

I also have a sizable 401K, own my own home, and savings. copies of these? any advice for newly self employed?

Thanks for the help

[I AM NOT THAT GUY 5,715]

For self-employed, there is no need for an employer letter. If you have a small clientele that you work regularly for, you could ask them for letters of referral and show your 1099's. My business was retail, so that didn't work for me. I was already in business for several years, so I was able to generate the three years of returns as was required at the time. The current requirement is your latest return, or the report of a commercial rating concern (Dun and Bradstreet is one of the most common).

[LSnBigBear 61]

Include your tax ID number, any licenses you may have for your business along with any customer recomendations letters etc.... Place a letter in explaining it as ammendment to the area on form they are requesting.

Good luck

Shawn

[Gary and Alla 3,694]

I have a question for supplying the forms to my fiancee. I am currently living the dream of owning my own business. I have been self employed for 7 months now and I am just filing my taxes for 2011. Moscow asks for 5 items in the financials,

1. original tax forms signed from last year... Check

2. Form I-134... Check

3. Form W2. I have mine from last year since I left the company in July...

4. Bank Statement... Check (letter stating average balance, years with bank, current balance. Also current statement)

5. Letter from employer... What do I do in this case? write my own letter? I do very good for myself and the business is taking off great, but I have read self employed need 3 years of tax forms. Same if the business just started?

I also have a sizable 401K, own my own home, and savings. copies of these? any advice for newly self employed?

Thanks for the help

Moscow suggests 5 itmes, they do not "ask" for them. Employer letters are optional. Only one year tax return is required, self employed or not. Some people suggest 3 years but it is not needed.

If your income is documented and exceeds the guidelines you do not need anything else. Leave it blank.

Savings and 401K are easy to document. If the home is your homestead it may not be counted as it would be necessary to sell it and replace it, at any rate you would need a current professional appraisal and a mortgage statment to show net value.