Self Employed question/advice

[michael_d 0]

What will they ask for or need to show support proof?

I have 3 years of my tax returns that are above 125% poverty.

I have 2 companies. My IT company earns about 90k gross. I also have a photography co that loses money (because of equipment investment of 60k and travel to take the pics). I shift the money from one company to the other in hopes of getting the photog co. up and running as a second paying co. My tax returns (after all expenses from both co's) shows a net of about 23k. The photog co. will earn about 15-20k this year I think

I dont keep a lot of money in the bank. My bank statements arent anything big. If anything I run most of the stuff through my credit card and pay it off every month. I usually just cash the checks I get and stick the money in a safe I have. I know its weird but thats what I do.

Is this going to be a problem with proof of support docs?

[Thingee 0]

No, so long as you have tax returns listing your income as above the poverty level you're fine.

[JoeMama 0]

What will they ask for or need to show support proof?

I have 3 years of my tax returns that are above 125% poverty.

I have 2 companies. My IT company earns about 90k gross. I also have a photography co that loses money (because of equipment investment of 60k and travel to take the pics). I shift the money from one company to the other in hopes of getting the photog co. up and running as a second paying co. My tax returns (after all expenses from both co's) shows a net of about 23k. The photog co. will earn about 15-20k this year I think

I dont keep a lot of money in the bank. My bank statements arent anything big. If anything I run most of the stuff through my credit card and pay it off every month. I usually just cash the checks I get and stick the money in a safe I have. I know its weird but thats what I do.

Is this going to be a problem with proof of support docs?

Hey michael_d,

Your employment situation is the same as mine. I'm self-employed with 2 small companies. The questions you ask are certainly ones I had to think about also. Being self-employed has it's pros and cons. We get to write off a lot of things. But when it comes time to prove our "net income", it is usually quite low. Making it difficult sometimes to get loans, etc. What it comes down to is what line 22 says on your Federal 1040 which is your total income. It needs to be at least 125% about the Federal Poverty Guidelines for your home. For example, in my home, there is me and my 3 daughters. Adding my fiancee also, that will make a total of 5 people for my home. According to Federal Poverty Guidelines, I have to have an annual total income of $30,162. If your taxes do not reflect that you are able to meet the 125% above poverty guidelines income. Than you will need other ways of proving your support or assests. This is where your bank statements would play a part. It is recommended that your last 3 years of filed tax returns may be needed. If all of these things, total income, assests, etc. do not bring you up to the 125% above poverty guidelines, you may need a co-sponsor to assist you for your visa process.

As Thingee has said, if line 22 of your 1040 meets the 125%, you'll have no problems.

Any way us self-employed people try to do things, the government has things worked out where you will have to pay sooner or later. Of course, we write off as much as we are able to do so, "legally". But when our total income needs to be at a certain amount for proving something, we end up having to pay at the end of the year. For future reference, cashing the checks and sticking the money in a safe is one thing. But not claiming that "safe-guarded" money is not something to advertise.

That is about the best thing I can tell you from what I have learned starting my visa process. I am leaving in 2 days to visit my fiancee for 2 weeks and when I return, that is when I will start my K1 process. Best of luck to you!

Edited February 9, 2007 by altimixdj

[michael_d 0]

What will they ask for or need to show support proof?

I have 3 years of my tax returns that are above 125% poverty.

I have 2 companies. My IT company earns about 90k gross. I also have a photography co that loses money (because of equipment investment of 60k and travel to take the pics). I shift the money from one company to the other in hopes of getting the photog co. up and running as a second paying co. My tax returns (after all expenses from both co's) shows a net of about 23k. The photog co. will earn about 15-20k this year I think

I dont keep a lot of money in the bank. My bank statements arent anything big. If anything I run most of the stuff through my credit card and pay it off every month. I usually just cash the checks (which are on my tax returns and part of my recorded income) I get and stick the money in a safe I have. I know its weird but thats what I do.

Is this going to be a problem with proof of support docs?

Hey michael_d,

Your employment situation is the same as mine. I'm self-employed with 2 small companies. The questions you ask are certainly ones I had to think about also. Being self-employed has it's pros and cons. We get to write off a lot of things. But when it comes time to prove our "net income", it is usually quite low. Making it difficult sometimes to get loans, etc. What it comes down to is what line 22 says on your Federal 1040 which is your total income. It needs to be at least 125% about the Federal Poverty Guidelines for your home. For example, in my home, there is me and my 3 daughters. Adding my fiancee also, that will make a total of 5 people for my home. According to Federal Poverty Guidelines, I have to have an annual total income of $30,162. If your taxes do not reflect that you are able to meet the 125% above poverty guidelines income. Than you will need other ways of proving your support or assests. This is where your bank statements would play a part. It is recommended that your last 3 years of filed tax returns may be needed. If all of these things, total income, assests, etc. do not bring you up to the 125% above poverty guidelines, you may need a co-sponsor to assist you for your visa process.

As Thingee has said, if line 22 of your 1040 meets the 125%, you'll have no problems.

Any way us self-employed people try to do things, the government has things worked out where you will have to pay sooner or later. Of course, we write off as much as we are able to do so, "legally". But when our total income needs to be at a certain amount for proving something, we end up having to pay at the end of the year. For future reference, cashing the checks and sticking the money in a safe is one thing. But not claiming that "safe-guarded" money is not something to advertise.

That is about the best thing I can tell you from what I have learned starting my visa process. I am leaving in 2 days to visit my fiancee for 2 weeks and when I return, that is when I will start my K1 process. Best of luck to you!

Edited February 9, 2007 by michael_d