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I own 3 rental proprites purchased 1 in 2011, other 2 in

I own 3 rental proprites purchased 1 in 2011, other 2 in 2013 and 2014. I am trying to get a mortgage on my 1 property for $150000. purchase price was $260000...I own it free and clear it is titled in my llc. I want to use it to pay free up the equity in house number 1. my credit score is 795, yearly income from my job $37000 (19 years there ) gross rental income $61000. however my last 2 federal tax returns show a net of $22000. and $25000. there was a lot of deductions IE closing costs , repairs first 2 years . 1 bank turned me down in 2014 now another bank is taking a application . I am told it is difficult due to property being in my llc only 1 property is. also does lender look at my net or gross income ? I am trying to not spend on fees if I have no chance of getting loan. I am in nj

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

3,990 satisfied customers
I drive on the side for Lyft, kind of... I drive on the side

Hi, I drive on the side for Lyft, kind of...Hi, I drive on the side for Lyft, kind of like uber but newer and maybe better. .I have recently come across a chat on a thread about about taxes and how as independent contractors, us professional drivers can recieve a tax break for miles driven on the clock. Interesting idea! But none of themseemed to have any real knowledge. Can you enlighten me on this?

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Mark Taylor

Certified Public Accountant

Masters

1,278 satisfied customers
How to add goodwill to exisiting c corp, Selling a business

How to add goodwill to exisiting c corpJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Selling a business goodwill but have no cost basis on books from prior accountantJA: Is there anything else important you think the Accountant should know?Customer: journal entry

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Mark Taylor

Certified Public Accountant

Masters

1,278 satisfied customers
I've been running a small detailing company time now. I

I've been running a small detailing company for some time now. I started it as a part time thing but it has grown to be my full time job. Since I started it as part time i really never looked into creating a separate business account and did not keep track of cash income or expenses. Im trying to get my books in order now and i need help. I have started using quickbooks Self Employed and it has begun to paint a financial picture for me. Most of the information I have is from my online banking so it does not show my cash flow. I'm confused and concerned as to how and if I should report that without having kept record of it. Also since I am self employed I'm having a hard time figuring out what counts as an expense. For example, I have a shop location so I pay monthly for my lease, but should I also include my house rent? Or is that something that should be accounted for in my budget from my net income?

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TaxRobin

Vocational, Technical or Trade School

21,234 satisfied customers
As an independent consultant who gets paid in lump sums at

As an independent consultant who gets paid in lump sums at various different times of the year, and at times am working on generating leads, sometimes months at a time, are there any issues taking the total year income and dividing it up over the 12 months of the year as monthly income when applying for a credit card or a mortgage? Typically these applications have no fields for yearly income, but simply request 'monthly' income?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
In 2015 my wife reported about 45k in earnings and I

In 2015 my wife reported about 45k in earnings and I reported maybe 40k in earnings. We file jointly. We own our own business and LLC partnership. I want to clarify something because she is concerned. Since we would like to buy a home in Arizona in the coming years my wife is concerned about our tax returns and income. This year we are now living offshore in the cayman islands and taking advantage of the foreign earned income tax exclusion and deduction through the physical presence test. My earnings will be in excess of 110k and we'll still continue to file jointly. Her concern is that somehow this income even though it's reported and we still file taxes even though there's no income tax due....that the returns will not meet the requirements for banks going forward. Please help me put this concern to rest and assure me otherwise. Thanks!

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
I have questions regarding legal responsibility of a

Hi,I have questions regarding legal responsibility of a freelancing business.How much (%) tax I will have to pay to Irs every 4 months ?Are there any thresholds where the percentage goes up or down ?Do I have to form a sole trader account or I can just file tax when due as an individualThanks

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
Not sure if I am posting in the proper category. My wife and

Not sure if I am posting in the proper category. My wife and I are looking into getting out of the business we are in now due to a injuiry that keeps me from doing my job.We are looking at a retail shop in a heavy traffic of tourist. My question is if the bank would even consider financing this business since the inventory is low.The asking price for the business is $375,000, the Gross Income $490.000, Cash flow is $175,000. The inventor is $28,000. FF&E is $31,000.What's your thoughts.

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Andy4712

Attorney

Doctoral Degree

476 satisfied customers
I had a question regarding 1099's and K-1's. I am trying

Hi, I had a question regarding 1099's and K-1's. I am trying to prove my income for a refinance of my home. My husband and I don't take draws through Form W-2's. We take draws as necessary. The only thing we have at the end of the year to prove income is the Form K-1 but this year we have a huge amount of depreciation for some new machines we got, so when the net amount is pulling over to our Form 1040 it looks like it's a loss. Can I use the Form 1099 to report the income portion showing on Form K-1 for the mortgage company?

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BK-CPA

Bachelor's Degree

972 satisfied customers
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