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Mark Fackrell
Mark Fackrell,
Category: Tax
Satisfied Customers: 0
Experience:  President at The Fackrell Group, Inc
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My income varies from year to year so my question is : What

Customer Question

My income varies from year to year so my question is :
What can I legally tell a credit card company I make on my application that I fill out in 2016 ?
My 2015 tax return was around 57k. My 2016 return will be over 112k.
The reason why my income varies is because I do freelance finance on tv shows and I jump around from project to project AND I am a member of a Louisiana LLC that owns 636 acres of farmland on one farm and 1200 acres on other. When they cut-down trees on the land, I get a check from the LLC which goes on my tax return as a K1
When I fill out my credit card application in 2016, I would like to state my income as being 112k (I got this number from the 27k on my last pay stub, and I will be getting a check from the LLC for around 83k, which will eventually be on my 2016 taxes as a K1)
Is it ok to state my income around 112k ? (I can obviously substantiate this figure with my last pay stub in 2016 and a copy of the 83k check from the LLC)
Also, what do I do if they ask for two years of tax returns ?
If they ask for the tax returns .....What I was going to provide them was my 2015 tax return reflecting 57k and tell them my 2016 has not been completed yet, but my 112k income comes from these sources (I could get them a paystub and a copy of the 83k check from the LLC) I will also explain why my income varies, just as I have told you.
Submitted: 1 year ago.
Category: Tax
Expert:  Mark Fackrell replied 1 year ago.

The "safe" approach would be to use last year's income. But if you feel you can justify the higher number i think you are ok to use that.