How to calculate Self Employed income for the previous 12 months--confused!

[Gf23orce]

Hello,

I am sooo close to getting this application in the mail, but I'm a bit stumped by this question on the Sponsorship Evaluation. I am filling this out for my husband who is sponsoring me. He is self-employed, and really doesn't keep records. He pretty much collects receipts and sends them off to his tax person once a year. Therefore, I have NO idea how to calculate his net income for the year up to the date of filing.

We have an "Option C," but that only gives you you're net income for the previous tax year, and NOT the 12 months preceding. Without proper pay-stubs, (my husband gets paid in personal checks and sometimes cash, and must deduct taxes on his own at the end of the tax year,) I have approximately ZERO idea of how to do this accurately.

I realize that there is no income requirement for Spousal Sponsorship, however, is it really O.K to just guess or put in the number from the Option C and that's it???

Any help here would be greatly appreciated!

 

[taffy7]

Have a look at his personal tax returns. I am also self employed and sends every thing off to my account, just like your husband. I used my personal tax return and divided it by 12.



I am the sponsor of course and i didn't have any problem with doing it that way.

 

[Gf23orce]

Hi there,

Thanks for the response! So, a "guestimate" is O.K...? I have his tax return Option C for the previous Tax year, but he's made a fair bit more this year than last, that I have no way to properly calculate, unless I go into bank records--but that still doesn't give me a "Net" income after taxes/deductions etc. Am I overthinking this? Is a good guess based on check deposits and general tax deductions all I really need to do here, as long as I'm also sending along the Option C that's asked for? The income on the Option C and the "guessed" income for the 12 prior months of the application will show a discrepancy of around $20k....

 

[taffy7]

That's ok to do this . They just want to make sure he hasn't collected welfare or is in bankruptcy. Its fine honestly.