Special offer

“Paying as Little as you can on Your Income Tax can come back to Hurt YOU”

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Paying as Little as you can on Your Income Tax can come back to Hurt YOU”

 

 

 

Hello Joe,

     I've got to tell you I'm pretty embarrassed about how pathetic my income looks on my tax return.  Which by the way I was only able to find 2015, and Im still looking for 2014, and Deans returns as well.  I had everything on my other computer which died, that was extremely disruptive for more than just the tax return as you can imagine. To make this just a little more pressing we need to unfortunately figure this out by November 13th.

 

I’m all about saving as much money as I can on my income tax but some take this process to an extreme. Very often it is because they may be thinking they will not need a mortgage in the future.

 

Once I review the numbers on two years of tax returns I will have a much better idea as to what is possible. Hopefully the math will work but it doesn’t sound good.

 

For anyone self-employed, make sure you think ahead and plan for what your borrowing needs may be in the future. At least talk to a mortgage professional, like myself to make sure you are on the “Right Trac”.  

 

Image courtesy of StuartMiles/freedigitalphotos.net

Posted by

Subscribe to my blog via Email:

 

Enter your email address:

Delivered by FeedBurner

 

Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

Like me on facebookfollow me on twitterConnect with me on linkedin

Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Great point, Joe. More than once I've seen people who are not salaried shoot themselves in the foot when it came to qualifying for a mortgage because of how they accounted for their earnings.

Oct 13, 2016 03:59 PM
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Excellent point made with this post, Joe Petrowsky . I have encountered this situation on more than one occasion!

Oct 13, 2016 08:51 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is good information for self emplyed people thinking of buying a home.

Oct 13, 2016 08:59 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Joe Petrowsky ... every positive has a negative!!!!! self employed's need to understand this...

Oct 13, 2016 09:35 PM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joe. Sometimes too much of a good thing can come back to haunt you! Enjoy your day!

Oct 13, 2016 10:10 PM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Joe Petrowsky - I have seen many self-employed people unable to qualify for a loan. You are right - They need to plan ahead for their future mortgage needs.

Oct 13, 2016 10:36 PM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland

Yes, I too look pathetic.  When I am ready to purchase, I plan 2 years prior a little better to put me in a position to purchase something major.

Oct 13, 2016 10:47 PM
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Joe Petrowsky This is a very sad commentary on our system. We should be able to prepare our taxes to pay as little as legally possible without losing our ability to function in the economy.

A good mortgage guy would have a product for these people.

Bill Roberts

Oct 13, 2016 11:56 PM
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

The tax code is so onerous it leaves most people confused...

Oct 14, 2016 01:23 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

This is nothing to fool with or take chances. It ALL catches up with you!

Oct 16, 2016 04:01 AM
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

Joe Petrowsky - I wonder what percentage of the work force is self-employed? You would think that rules would be a little differnt for us? After all, many work where they live which partly becomes tax deductible, but guess it lowers our "income".

Oct 16, 2016 01:13 PM
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

I have heard this same sentiment stated by my local mortgage lender. It looks like you don't make money when you don't pay taxes.

Oct 22, 2016 09:19 AM