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HulkySun

Advise on income requirement Doing Taxes

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I am the Petitioner for k1 for fiancee in Manila. Recent NOA1.  I am preparing my taxes for 2019. I am self employed and have many deductions possible in my line of work. I don't have to take all my deductions, but I don't want to shoot myself in the foot by paying EXTRA unnecessary income taxes just to make it look good for the interview.  I can make it 22k , but would this number in anyway work against me or our chances to pass interview verses making my income be 28k for example?    Would doing my taxes at 22k with a letter explaining I have such and such revenue stream with many deductions?

 

2nd question is that my financee has a 1 year old baby who lives with her mother and father in province. They will take care of the child for a year or 2 in Php.  This means I still claim 2 dependents for household and income min is still at 125% poverty of 22k is this frowned upon ?  or is the 28k a better number? or am I thinking too much?

 

Thanks for feedback

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Perhaps I'm mis-understanding your concern....  Your income would be the amount of income you make BEFORE any deductions.  Your deductions affect your Adjusted income which determines your tax but would not reflect your ability to support yourself and your family.  Therefore you should be able to maximize your deductions without affecting your eligibility to sponsor.     As for the baby.....  The help section of the I-864 says that anyone immigrating or planning to immigrate within 6 months must be included.   Considering you seem to be able to get to 28K pretty easy AFTER deductions I'd say you are probably over thinking this. 

Good Luck,  God Bless and Happy Easter.

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11 minutes ago, JE57 said:

Perhaps I'm mis-understanding your concern....  Your income would be the amount of income you make BEFORE any deductions.  Your deductions affect your Adjusted income which determines your tax but would not reflect your ability to support yourself and your family.  Therefore you should be able to maximize your deductions without affecting your eligibility to sponsor.     As for the baby.....  The help section of the I-864 says that anyone immigrating or planning to immigrate within 6 months must be included.   Considering you seem to be able to get to 28K pretty easy AFTER deductions I'd say you are probably over thinking this. 

Good Luck,  God Bless and Happy Easter.

AFter deductions/expenses I can either end up at 22k to 28k -   before deductions for sake of conversation say 80k revenue.  Its legally adjustable. I would like to just make it 22k  and pay the taxes on that and also pass the interview with this.  Do you think I should make my income > than 22k? if manila is strict?

 

Baby would come a year or 2 later

 

Thank you also and God Bless !! Happy E

Edited by HulkySun
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Do yo the ability to be manipulative, that's why they typically can ask for three years for self employed individuals.  Manila may not be a problem,  the uscis could when trying to adjust status 

YMMV

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2 minutes ago, payxibka said:

Do yo the ability to be manipulative, that's why they typically can ask for three years for self employed individuals.  Manila may not be a problem,  the uscis could when trying to adjust status 

Hi there, What?  I believe they ask for last years taxes only.   I'm not asking to be 'manipulative' in any illegal way.  I can take a 10k deduction just for driving my car, but I dont HAVE to take that deduction and I can still support myself and wife either or. Not everybody takes on full deductions. So not sure what your point is?

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14 minutes ago, HulkySun said:

Hi there, What?  I believe they ask for last years taxes only.   I'm not asking to be 'manipulative' in any illegal way.  I can take a 10k deduction just for driving my car, but I dont HAVE to take that deduction and I can still support myself and wife either or. Not everybody takes on full deductions. So not sure what your point is?

Who only asks for one year's tax return for a self employed individual?

YMMV

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Based on your statement for the sake of discussion with 80K income you are not going to have a problem.    Granted I'm basing my opinion on an Individual return but the point is the INCOME you are declaring BEFORE deductions.   So assuming the 80K is listed on your taxes as your income than the deductions shouldn't matter.   Legal deductions to income for tax purposes should be fine.   Although I suppose if those deductions represent real expenses so that your 80K income is actually ONLY in the 20K range then perhaps that might get a 2nd look but it seems like you are doing fine income wise.   Rather you need 1 year or 3 years I would suggest you have 3 years ready.  Over prepared is better than under.  

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I should be fine then, but then the previous 2 years before that I did max deductions on a new business which basically zero'd out. Revenue was the same though.    Alright I'll keep in my thoughts. Will max deductions 2019 but not under 22k - Thanks for kind input

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6 minutes ago, HulkySun said:

I should be fine then, but then the previous 2 years before that I did max deductions on a new business which basically zero'd out. Revenue was the same though.    Alright I'll keep in my thoughts. Will max deductions 2019 but not under 22k - Thanks for kind input

Revenue is not what they consider as income 

YMMV

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6 minutes ago, payxibka said:

Revenue is not what they consider as income 

Right ... my 1099's amount to say 80k, but income is well above 125% poverty line as JE57 has pointed out.  The first 2 years of business though 2017 and 2018 I took every deduction possible and now year 3 deciding to show the 22k as adjusted income to be taxed on.  but if you look at previous years, I could have done the same but chose to close in on my footprint to say very basically.

Edited by HulkySun
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2 minutes ago, HulkySun said:

Right ... my 1099's amount to say 80k, but income is well above 125% poverty line as JE57 has pointed out.  The first 2 years of business though 2017 and 2018 I took every deduction possible and now year 3 deciding to show the 22k as adjusted income to be taxed on.  but if you look at previous years, I could have done the same but chose to close in on my footprint to say very basically.

Correct,  that is why they look at 3 years historical to see if the sponsor made some changes to their tax reporting in an effort to get above the threshold.   

YMMV

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4 minutes ago, payxibka said:

Correct,  that is why they look at 3 years historical to see if the sponsor made some changes to their tax reporting in an effort to get above the threshold.   

I think that is a bit out of context to my situation. Are you saying there is something devious with reporting 22k when its well within my legal right to with absolute no risk issue to IRS?

 

ex. Explaining more so, I have far less expenses than I do from the first year = also more profit I can tax on. 

Edited by HulkySun
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2 minutes ago, HulkySun said:

I think that is a bit out of context to my situation. Are you saying there is something devious with reporting 22k when its well within my legal right to with absolute no risk issue to IRS?

 

ex. Explaining more so, I have far less expenses than I do from the first year = also more profit I can tax on. 

You don't have to convince me but you may have to explain it to the uscis 

YMMV

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Payxibka has been on this forum at least as long as I have probably longer and perhaps has a better handle on this than I.    I agree that revenue does not equal income.  The devil here is in the details..   you've got your own business, as part of that business you have revenue and expenses and the result of revenue less expenses is income report able to the IRS.   Clearly you have some legal ability to manipulate the amount of expenses to some extent.  From my understanding though once you subtract your expenses from your revenue what you have left over is what you report on your tax forms as income to the US Gov.  That amount you report to the Gov. is the amount of INCOME you have for the year.   If that number is 80K you should be fine.   If you then are able to find 60K plus in deductions that makes your Adjusted gross income lower good for you.   But I am NOT a tax accountant, a immigration attorney or even an attorney of any kind.   I do believe that what the Government is looking for is rather you can legitimately support your new family.   So if your deductions are for example 15% or more of your home being used for your business than that part of your income is still available for support of your new family assuming you have sufficient space left in your house for them to live in.   Likewise with driving your own car.  Apparently you can deduct 58 Cents per mile driven for business. That will wear your car out sooner and you may need to replace it sooner but that money isn't really completely gone.    

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9 hours ago, HulkySun said:

I am the Petitioner for k1 for fiancee in Manila. Recent NOA1.  I am preparing my taxes for 2019. I am self employed and have many deductions possible in my line of work. I don't have to take all my deductions, but I don't want to shoot myself in the foot by paying EXTRA unnecessary income taxes just to make it look good for the interview.  I can make it 22k , but would this number in anyway work against me or our chances to pass interview verses making my income be 28k for example?    Would doing my taxes at 22k with a letter explaining I have such and such revenue stream with many deductions?

 

2nd question is that my financee has a 1 year old baby who lives with her mother and father in province. They will take care of the child for a year or 2 in Php.  This means I still claim 2 dependents for household and income min is still at 125% poverty of 22k is this frowned upon ?  or is the 28k a better number? or am I thinking too much?

 

Thanks for feedback

 

Your income needs to meet or exceed the 125% poverty guidelines of the I-864P,  for two people that is $21,550.   Embassy only requests the most recent tax return and a completed I-134.     It is that simple

 

Guide for the visa process in the Philippines   https://www.visaconnection-philippines.com/us-embassy-usem.html

Edited by Hank_

Hank

"Chance Favors The Prepared Mind"

 

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“LET’S GO BRANDON!”

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