Different kind of income question

[JohninAZ 0]

So I have worked for myself and file returns every year but the last 5 years have shown barely more than the poverty level. So this year things change and I have partnered with someone on a "real" business and have a "real" income (minimum 60K closer to 100 with year end profit but I have no assets). But...... all our K1 papers are going to be filed in the next couple weeks and needless to say the 3 years of tax returns show I don't make enough to support my fiancé and her daughter but my bank statements show my current salary (5K a month) so will they look at this as my future income or do they actually only use the past years as the multiplier ?

I cant really go back and change last years return but I have been collecting this salary since Oct of last year so there is a 12 month pattern of income that is verifiable.

Thoughts ?

TIA

[KayDeeCee 4,893]

It sounds like you are still self-employed. What is a 'real' business? Do you have quarterly profit/loss statements? Those plus proof of your business and half ownership along with bank statements showing your monthly deposits may work. Provide documentation that you have been in this new business and making that income since last Oct. The problem with being self-employed is that they may want to see the income on a tax return which shows yours actual total income amount.

[JohninAZ 0]

Real business means its a corporation I own 50% of and a business that generates 1M in revenue and 200K a year in profit. So yes all the documentation for the real business represents this.

Being self employeed I was a legal entity but just never really showed much profit (taxable income) plus revenue wasnt that high either not that it matters. Even though the past income was 100% legitimate year end income just doesnt show enough to qualify. This is why I held off being serious in my search to find a woman/fiance/bride, until I knew that #1 I could support a family (dont want her to work after we marry unless she wants too) and #2 to meet the income level needed.

I would think that by the time it all gets rather serious, assuming it will be after Jan 1, I would have this years return from the business and my personal one.

Thanks for responding and hopefully I cleared up the confusion and would appreciate your thoughts again if you have time.

[Hank_ 9,174]

So I have worked for myself and file returns every year but the last 5 years have shown barely more than the poverty level. So this year things change and I have partnered with someone on a "real" business and have a "real" income (minimum 60K closer to 100 with year end profit but I have no assets). But...... all our K1 papers are going to be filed in the next couple weeks and needless to say the 3 years of tax returns show I don't make enough to support my fiancé and her daughter but my bank statements show my current salary (5K a month) so will they look at this as my future income or do they actually only use the past years as the multiplier ?

I cant really go back and change last years return but I have been collecting this salary since Oct of last year so there is a 12 month pattern of income that is verifiable.

Thoughts ?

TIA

What embassy are you talking about?

[LBeachey 45]

What embassy are you talking about?

Yes, while it shouldn't, this is really a country-specific question.

[Hank_ 9,174]

Yes, while it shouldn't, this is really a country-specific question.

Each embassy has their own rules and processes to follow, so much is country specific at the visa application stage of the process.

[baron555 934]

Currect income ie key. You have pay check summaries and letter of employment? Then you're good to go.

[LBeachey 45]

Each embassy has their own rules and processes to follow, so much is country specific at the visa application stage of the process.

I don't disagree with you and processes are one thing but you would think something like proof of income should be consistent worldwide.

Unfortunately, some embassy's barely look at it but others will ask for a co-sponsor even if you meet the nominal income threshold.

[olwyndale 2]

It sounds like you are still self-employed. What is a 'real' business? Do you have quarterly profit/loss statements? Those plus proof of your business and half ownership along with bank statements showing your monthly deposits may work. Provide documentation that you have been in this new business and making that income since last Oct. The problem with being self-employed is that they may want to see the income on a tax return which shows yours actual total income amount.

my fiance is also self- employed..

and we're applying in the phiippines...do they accept this?

or would look for a co cponsor...

this is my greatest concern

if self-employed do we need w-2's?