How to Organize Income & Assets : Financial Planning for the Self Employed

How to Organize Income & Assets : Financial Planning for the Self Employed


Hello, my name is Brett Staggs and on behalf
of Expert Village, I am here to show you how to organize your income and assets for a first
time home buyer. When applying for your first home loan, if you are self employed person,
there is no reason to fear. There is plenty of ways to use your job and your income just
like any other job even if you are self employed. The trick to it is you have to either have
a very good CPA, a Certified Public Accountant who can help you out and has been doing your
taxes for the past two years. They will write you what is called a CPA letter, which basically
tells you this person has been self employed for the past two years. And another bit to
it is you have to be in the same location and you also have to be in the same line of
work. And your CPA will write that letter for you saying, ‘I have been doing this person’s
taxes for the past two years have been in the same place, the same city and they have
been doing the same work.’ And then your job is looked at by the bank just like any other
job. If for some reason you don’t have someone do your taxes, if you do your own taxes yourself,
that is fine too. What you need to do is show your business license. And they will track
your business license number and they will be able to see that you have been doing it
for X-amount of years in this city and it is this type of work. So when you fill out
your loan application you want to make sure you put self employed right up front so that
the people helping you with your loan could get started in gathering that documentation.
Then just give them the name of your business, how much you make a month and with the right
documentation they will look at it just like any other job.

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