Self employed income past 12 months

[tinytortoise]

My husband is self employed and we're trying to figure out how to fill out his income.

Outland
Form 5481
3. Net income for the 12-month period preceding the date of your application.

He says that he doesn't have his net because he hasn't filled his 2012 taxes and asked if he could put his 2011 net income and the dates 01-01-2011 31-12-2011.

They ask for 12-months preceding the date which I interpret as 31-12-2011 through 30-11-2012.

What should we do?

 

[sunsun]

You should provide T4 , call the Tax Call Center , submit 2012 taxes ASAP.... if you are still confuse , just use Tax Consultant

 

[chipits]

I filed my app in October, and since I obviously hadn't done my 2012 income tax yet I just included my 2011 stuff and then calculated 2012 from my bank statements, etc. I included my bank statements and my calculations, it was fine.

 

[tinytortoise]

Chipits - how did you factor net?

 

[Kev1n]

My husband is self employed and we're trying to figure out how to fill out his income.

Outland
Form 5481
3. Net income for the 12-month period preceding the date of your application.

He says that he doesn't have his net because he hasn't filled his 2012 taxes and asked if he could put his 2011 net income and the dates 01-01-2011 31-12-2011.

They ask for 12-months preceding the date which I interpret as 31-12-2011 through 30-11-2012.


As you are self emploeyd you will have to get your accountant, to up date for you.
What should we do?

 

[Steph C]

Chipits - how did you factor net?

It's what you would have left over after taxes and deductions. If he's self employed he should keep good records and know what he's made in the last 12 months. Then just deduct what you estimate taxes will be and deductible business expenses. It shouldn't be that hard, and I don't think it needs to be 100% accurate, since obviously you can't know until your taxes came back. It's too early to file for 2012 anyways.

 

[chipits]

Chipits - how did you factor net?

I just took my income and subtracted my expenses/deductions. I didn't actually account for taxes, since I figure most people would also give their gross income. I got approved, so it wasn't a problem.