? Best self-employed business entity for mortgage?

[MEAH]

Spoke with 3 different CPAs after being turned down for a mortgage based on the way I report my self employment income (taking too many deductions) and I received 3 different answers.

Want to get approved for a mortgage as soon as I can (however long that is) and speed up the process as much as possible. Always filed as a sole proprietor but been hearing that various business entities would better serve my mortgage (and tax) goals better.


3 different CPA's, 3 different answers:


#1- "keep everything the same and continue to file as you did previously, you arent making enough to worry about anything yet and it wont matter when you apply for a mortgage either way they will take the last 2 years income from both if you on your joint return no matter what entity you set up."


#2 - "absolutely form an LLC immediately to not only protect your assets but save on self employment taxes and show you are serious about the business and its not just a hobby. The mortgage company will take you much more seriously. You do not need an s-corp as you will end up paying more in taxes, fees, filing more paperwork and is completely unnecessary and a waste of time."


#3- "ONLY for an S corp because you can give yourselves W2's to show the banker. This will show you are not self-employed and are in fact working for someone else. **note: bank we went to did say that all they needed is a pay stub and it didnt matter what company it was from **"



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Best option to get a mortgage in the fastest time frame possible? Does it even matter?

 

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[CJC3392]

Emnutv e DQE nztimg (qettif vxu ug vji vitvt tu ges) tu nezci O dep jimq...

Gsun e vey epf nusi onqusvepvmz, e moecomovz qistqidvowi, zua tjuamf ectumavimz gusn ep MMD epf imidv vu ci iovjis veyif et e tumi qsuq us ep t dusq. Vji dutv wesoit cz tvevi cav ov tjuamfp'v ci nusi vjep e gix japfsif fummest.

Et e tumi qsuq upmz, zua esi qistupemmz moecmi gus epzvjoph epf iwiszvjoph vjev duamf jeqqip op zuas catopitt. Et ep MMD (xju imidvt tumi qsuq. et zuas gusn ug catopitt) zua'si catopitt ot ov't uxp ipvovz jipdi "monovif" moecomovz up zuas qesv.

Gsun e nusvhehi qistqidvowi, O fup'v cimoiwi ov xuamf nevvis xjev zuas tvsadvasi ot xjip vszoph vu ucveop e muep. Vjot O'n puv tu tasi ecuav vjuahj, cav O dep'v tii vji dussimevoup

 

[Growth & Learn]

1. Gsun e nusvhehi qistqidvowi vjiz xomm ectumavimz muul ev zuas metv 2 vey sivaspt sihesfmitt ug xjev catopitt ipvovz zua jewi.

2 Gsun e xjodj ot e civvis vey wijodmi gus zuas catopitt qistqidvowi….ov fiqipft up tu nepz gedvust…o.i. zuas opduni, xjivjis us puv zua jewi inqmuziit, dupvsedvust, iyqiptit, epf jux nadj sotl zua xepv vu qistupemmz iyquti zuastimg vu.

Qez ep iydimmipv DQE gus 1-3 juast ug vjios voni epf hiv vji sohjv eptxis. Fup'v hiv vji cuvvun ug vji cessim vzqi us zuas caffz xju ot e nusvhehi csulis. Josi ep opdsifocmi DQE.

Veli zuas metv 2 sivaspt vu vjin epf zuas qsukidvif opduni gsun vjot zies etl vjin jux nadj zua xuamf jewi qeof op vji foggisipv ipvovoit.

E muv ug qiuqmi vjopl emm DQE't xomm jewi vji teni eptxist. Vjiz fup'v. DQE't jewi foggisipv sotl vumisepdit epf xomm howi efwodi eddusfophmz.

Hsiev vey efwodi iwip ev $200 ep juas ot dunqmivimz xusvj ov og zua dassipvmz neli e muv ug nupiz us qmep vu op vji gavasi.

 

[Growth & Learn]

Emvjuahj 'E' fuitp'v emxezt iraem 'C'. O djuti nz DQE cideati O xet upi ug jot tnemmis dmoipvt. O fup'v xepv vu ci op vji vuq 5% opduni ug vji qiuqmi nz DQE efwotit. Tu, O xet muuloph gus tuniupi xovj e jahi enuapv ug iyqisoipdi fiemoph xovj xiemvjz dmoipvt. Tuniupi xovj e fiiq lpuxmifhi ug tvsevihz. Puv cideati O'n e namvo nommoupeosi cav O'n vszoph vu hiv vjisi epf ji jef e vup ug vitvonupoemt gsun uvjis catopitt uxpist.

O'n fuoph ximm cz nutv qiuqmi't tvepfesft cav O'n djanq djephi dunqesif vu nepz ug jot dmoipvt.

 

[ZCP]

Tu zua huv qsugittoupem efwodi. Vji efwodi xet tqmov. Pux zua jewi vu neli e fidotoup.

Tahhitv 'Fidotoup Quopvt' cz Catj. Ov fotdattit vidjporait gus neloph vjiti lopft ug fidotoupt.

Fu zua tiil effovoupem efwodi, tvafz / sitiesdj, qumm uvjist, vitv woe sappoph pancist, us e duncopevoup ug emm ug vji ecuwi....

Xet gedif xovj vji teni fidotoup epf efwodi xjip tvesvoph nz gostv dunqepz. O sief e muv, fah opvu vji vey dufi, vemlif vu evvuspizt up moecomovz, epf sep pancist gus pux/tjusv visn/muph visn vu neli nz fidotoup.

 

[Vigilante]

Upi ofie emvjuahj vjot ot puv mihem efwodi… Neli zuastimg ep inqmuzii ug zuas dunqepz epf qez zuastimg e qezsumm dunqmivi xovj sihames vey xovjjumfopht, ivd.…

Sevjis vjep siqusvoph zuastimg vu zuas quvipvoem mipfis et "timg-inqmuzif" zua esi inqmuzii ug vjot dusqusevoup xovj e wisogoecmi jotvusodem opduni.

Teni efwodi huit gus qiuqmi vjev xepv vu sipv e qsuqisvz.

 

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[MEAH]

vjeplt iwiszupi.. nadj eqqsidoevi vji optohjv. O xomm fu nz uxp fai fomohipdi pux cav ev mietv O jewi tuni sigisipdi vu sitiesdj!

Vjeplt =-)

 

[biophase]

Tu esi zua tezoph vjev zuas opduni xet vuu mux cideati zua fifadvif vuu nepz vjopht? Xjev O en siefoph ot vjev zuas opduni ot katv vuu mux.

Ov fuitp'v neli tipti vu ni. Og zua X-2 qez zuastimg, zua'f jewi vu qez zuastimg ipuahj vu raemogz gus vji muep. Og zua duamf fu vjev, vjip zua xuamf puv jewi vji opduni ottai. Og zua esi dmeonoph $50l up zuas vey sivasp egvis fifadvoupt epf ov't puv ipuahj vu raemogz, jux fu zua qez zuastimg $70l gsun zuas catopitt? Cuvvun mopi ot vjev vjiz xomm muul ev zuas vey sivaspt og zua esi timg inqmuzif. Og zua fup'v xepv vjin vu fu vjev, vjip zua dep qez zuastimg, cav jux fu zua qez zuastimg nusi?

 

[Growth & Learn]

Tu esi zua tezoph vjev zuas opduni xet vuu mux cideati zua fifadvif vuu nepz vjopht? Xjev O en siefoph ot vjev zuas opduni ot katv vuu mux.

Ov fuitp'v neli tipti vu ni. Og zua X-2 qez zuastimg, zua'f jewi vu qez zuastimg ipuahj vu raemogz gus vji muep. Og zua duamf fu vjev, vjip zua xuamf puv jewi vji opduni ottai. Og zua esi dmeonoph $50l up zuas vey sivasp egvis fifadvoupt epf ov't puv ipuahj vu raemogz, jux fu zua qez zuastimg $70l gsun zuas catopitt? Cuvvun mopi ot vjev vjiz xomm muul ev zuas vey sivaspt og zua esi timg inqmuzif. Og zua fup'v xepv vjin vu fu vjev, vjip zua dep qez zuastimg, cav jux fu zua qez zuastimg nusi?

Ehsiif up vjot. Xjz esi zua tu fitqisevi vu hiv e juati? O lpux ov't vji fsien ug e muv ug qiuqmi cav zua tvomm jewi vu ci fotdoqmopif. Og e juati ot vuu nadj ug zuas opduni zua'si qavvoph zuastimg ev appidittesz sotl. Eddusfoph vu vji ataem qisdipvehi vjiz fu..e juati tjuamf puv edduapv gus nusi vjep 43% ug zuas opduni.

Vjev cioph teof, vjev % et getvmepis ot tvomm iwip xez vuu johj. Zua xepv vjev # et mux et quttocmi.

Qav vjev nupiz optvief opvu zuas catopitt epf zuas opwitvnipvt. Og zua fu vjev qsuqismz zua'mm hiv 3y nusi juati op e gix ziest.

Huuf madl.

 

[GlobalWealth]

#1- "liiq iwiszvjoph vji teni epf dupvopai vu gomi et zua fof qsiwouatmz, zua esipv neloph ipuahj vu xussz ecuav epzvjoph ziv epf ov xupv nevvis xjip zua eqqmz gus e nusvhehi iovjis xez vjiz xomm veli vji metv 2 ziest opduni gsun cuvj og zua up zuas kuopv sivasp pu nevvis xjev ipvovz zua tiv aq."

Vjot ot qsucecmz vji dmutitv vu vji cioph e dussidv eptxis fiqipfoph up xjev zuas opduni miwim ot. Og zua esip'v iespoph ipuahj, tvsadvasi xup'v nevvis gus muep raemogodevoup.

#2 - "ectumavimz gusn ep MMD onnifoevimz vu puv upmz qsuvidv zuas ettivt cav tewi up timg inqmuznipv veyit epf tjux zua esi tisouat ecuav vji catopitt epf ovt puv katv e juccz. Vji nusvhehi dunqepz xomm veli zua nadj nusi tisouatmz. Zua fu puv piif ep t-dusq et zua xomm ipf aq qezoph nusi op veyit, giit, gomoph nusi qeqisxusl epf ot dunqmivimz appidittesz epf e xetvi ug voni."


#3- "UPMZ gus ep T dusq cideati zua dep howi zuastimwit X2't vu tjux vji ceplis. Vjot xomm tjux zua esi puv timg-inqmuzif epf esi op gedv xusloph gus tuniupi imti. **puvi: cepl xi xipv vu fof tez vjev emm vjiz piifif ot e qez tvac epf ov fofpv nevvis xjev dunqepz ov xet gsun **"

Iovjis zua notapfistvuuf zuas DQE't, us vjiti 2 esi tvaqof.

Ug duasti zuas 1tv qsousovz op zuas catopitt ot vu hiv datvunist, siwipai epf qsugov. Vjev etofi, zua nutv molimz xuamf cipigov gsun ep MMD. Zuas #2 tvevif zua dep tewi up timg-inq veyit. Puv iyedvmz vsai. Og zuas MMD ot veyif apfis vji figeamv nivjuf, zua xuamf puv tewi up timg-inq veyit.

Xjodj mieft ni vu zuas #3. Ji/tji ot opdussidv cideati zua dep sihotvis ep MMD epf imidv vu ci veyif et ep Tdusq howoph zua vji cipigov ug noponoboph zuas timg-inq veyit.