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We are a married couple and have been called for an interview. One of us has been employed in the same job for several years and remains as such. Our income does fall within the guidelines for the unit we are being interviewed for. We started our own small business in 2018. We will report a small loss for the business in 2018 (We were about $5k short of recovering our start-up costs). The business is fully owned by us, there will not be any 1099s for this income. Does anyone know how hpd will calculate our income from the new business when we only have a few months of information?
Just a bit more info - I have read this, but as the business is so new, I'm just unsure if they'll count the income as negative based on our 2018 tax returns (start up costs were not fully recovered w/i the year).
Hi Linda, Did you you have your interview? How was it?
We are alao married couple and my husband have been employed in the same company for 2 years. I took maternity leave since we applied for the house. Also my husband started to make extra money with Lyft, so he is also self-employed. And we have zero information how we should calculate and prove this income. He only has a couple weeks of information ?
If you're a non commingled LLC, neither loss or profits count for your personal income. The absolute worst scenario I can think of is that the loss would count as a hobby loss in which case, you can only deduct as far as your expenses go.
Hi Linda, Did you you have your interview? How was it?
We are alao married couple and my husband have been employed in the same company for 2 years. I took maternity leave since we applied for the house. Also my husband started to make extra money with Lyft, so he is also self-employed. And we have zero information how we should calculate and prove this income. He only has a couple weeks of information ?
We were asked to submit our 2018 tax returns, K-1s and projected self-employed income for 12 months (because the self-employment was for less than 2 years) along with receipts/documentation for all reported income and expenses.
We were asked to submit our 2018 tax returns, K-1s and projected self-employed income for 12 months (because the self-employment was for less than 2 years) along with receipts/documentation for all reported income and expenses.
I hope this helps.
Just submit your personal K1. don't submit the full income for your LLC or LLP.
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