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I hear ya loud and clear!!
Its such a ing pain in the ass to be self employed, when you are trying to refinance your home (along with other things) and also somehow try to mimimize your tax burden through perfectly legal means of writeoffs....like depreciation for equipment, mileage driven, business expenses, et al.
If you arent a huge corporation, nobody gives a about you and does everything they can to you over, we suffer because big corporations are ing morons.
Such a ing pain in the ass.
I hope you assholes with W-2's love your life and the ease at which you have things like getting a ing mortgage or doing your taxes.
I'm starting to wish we had gone into that depression last year.
I hear ya loud and clear!!
I would say we suffer because big corporations are big corporations, but we (moronically) expect them to act like people with common decency. Their only concern are their own profits, period. And most of the time, short term profits.
It's like complaining about lions killing people in Africa. It's just their nature.
I'll say this, if it wanst for the corporate fat cats, we dont have this ing recession, they essentially 'made' it due to their inability to offer credit (when it comes to housing especially) to people that should actually have credit extended to them and then we bail them out and do nothing really but a give them a slap on the wrist if that. I fully believe that if they had done their due diligence and acted properly, the economic crisis we all saw would have been avoided or been a lot less extreme at the very least. them.
Further, when is the GM shareholders meeting? I'd like to attend, you know since I'm technically a ing shareholder of the company.(Tongue in cheek before anyone comes raining down on me)
but you are your own boss.
nobody tells you what to do. you ing call the shots.
and that is priceless.
I'm actually not really complaining about taxes, but how some people dont really know how to calculate income for self employed correctly for the purpose of a federally backed loan aka a home refinance.
I didnt say its not nice to not have to answer to others, but the hoops you have to go through are ing annoying, especially when people dont know their ing jobs, and especially so when the ing big corporations are ing re ed beyond belief and in turn largely s over everyone else, while they get richer.
if you are self employed and cant afford a house on CASH then go get a job and close ur business.
Ya I dont have 150k laying around. Thats just ing re ed.
Underwriters just need to know their ing industry.
Well I would think it's only like that for a bit...a year or two right? At least till your business makes profit enough to take care of it's own expense.
If your still ing about in after long than that than perhaps your working for your business rather than your business working for you.
Takes a lot of heart to say "Hey I can do this on my own" But lets face it if you can't do it after a while may it's wise to cut your losses and get a job to actually help you bring money in.
I feel your pain.
I was recently denied a housing loan because I went from w2 to self employed.
They said they cant include income from self employment if you were on w2 last year.
One way though, the lender told me was get my taxes done but dont write off anything so they can get the average for the whole year of 2009..if i do that, I will pay $xx,xxx in taxes.
I know I can still get the 8k credit but $xx,xxx for taxes???
Greedy cats, now the people who really can afford a house cant even get approved because of all the requirements and rules.
Ya they really over self employed people in so many ways. You can be making 85k and be an employee and then move over to being considered self employed, just by getting a 1099 cause a company doesnt want to pay benefits of a any type. You could end up making more, say 100k a year, but unless you have been on said 1099 for 2 calendar years (Jan-Dec) you get ed.
Oh and ya I was also told that if I showed that I made XXXXX for 2009 (which would essentially include writing nothing off for ing depreciation), then I'd have enough income. I'd have to pay some 65% more in taxes for this year. That's just ing hilarious.
My understanding is that you are supposed to use Form 1084 when analyzing self employed income under Fannie Mae guidelines (I got a ing copy of it from their website) You add back depreciation to the ing income.
Its not that I'm cheating the tax man, or at least not on purpose by writing off stuff like my dog's heartworm medication. I'm taking legitimate writeoffs, you know office expenses like paper, ink, et al. Depreciation expenses like vehicle mileage, laptop, printers, et al. people who get W-2's try to get as many deductions as ing possible, this is akin to the same damn thing. You add back in depreciation because its a non cash expense (I am almost positive thats how its classified) and I have more than enough ing income)
I dont even get no 8k credit as I'm refinancing (or trying to).
This has nothing to do with my not being able to make it on my own at this point. This is all about doing your ing job properly, using the correct form et al.
Oh and mind you my credit score is well over 700, so I guess thats totally useless these days. So much for paying off on time for over 10 years.
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