Hi Tori, that's the first time anybody ever called an hour-long video about income tax analysis for lending "magnificent", but thank you for the kind words. 😆 I'd be happy to share the spreadsheet with you. Email me at juleef@rate.com and I'll send it your way.
You're welcome Michael. 😁 The worksheet is a spreadsheet, so I need your email to send it to you. Please text your email address to me at 503-799-3711 and I'll shoot it over your way.
You're welcome, Natalie! Making these types of videos is a lot of work, but it's all worth it when I get a nice note like this. 😁I am happy to answer any questions you have about your own situation. Don't hesitate to reach out. You can text or call 503-799-3711. Thanks so much for taking the time to comment!
Hi Kelly! Glad you enjoyed the video and I'd be happy to share the spreadsheet. Text me your email address and I'll send it your way! My number is 503-799-3711.
Hi Julee, this video is exactly what I needed. I’m self-employed and taxed as an S-corp looking to buy a home soon and was wondering how this would affect my home-buying power. This is great information on what to expect when it comes to the process. It’s also a relief to know that business/distribution income can be added to the salary income. That was my main concern when i began this research. Your vid saved me a lot of time as it happened to be the first to pop up! I love the spreadsheet you prepared as a working visual. Is there anyway to receive a download from you? I’d love to plug in my own numbers just to get an idea.
Hi Merrick! Awesome! I'm thrilled that the YT algorithm worked it's magic and that my video answered your questions. I'd be more than happy to share a copy of the spreadsheet. Text your email address to me at 503-799-3711 and I'll make a copy and send you a link. 😁
Hey Julee, Just went over your video on TH-cam for Self-employed Mortgage. I really love the way you break it and go through the details. It helped me to understand how the process works and gave me much more clarity on the tax returns. I have two questions through Can I get my hands on the spreadsheet that you used for calculations? And my other question is, what will be the minimum income that you need to show in order to qualify for a mortgage? Let's say if I apply for 360 000 what will be the minimum monthly income? Thanks for your time and for making that video.
Hi, your videos are amazing it”s a great tool for self employed people like myself. Please can you make a video about mortgages for C-Corporation. I thank you in advance. Love the channel
HI there! I'm so happy to hear the videos I'm posting are helpful to you. Mortgages have a reputation for being tricky for self-employed folks. On the one hand there's a little more to them, but they're far from impossible! A video about C Corp info is on my list. I think I'm tackling Partnerships next and then C Corps after that. If you've not subscribed, do so and I think you'll get an alert when I post new videos!
Awesome video! Im working towards becoming a 1st time homeowner thats self employed. 2024 will be first full year. Did i understand you correctly that if applying for a conventional that only 1 year is required or do you still need the full 2 years? I payed myself a lower salary for first year to guage profits but i could take distributions if i really wanted to. Im choosing not to this year and will following years if not adjusting salary or combo of both. No debt, 750+ fico and looking to put 30-60% down depending on value of home id qualify for. Thanks for any advice
Hey there Dustin! Sorry about the delay in replying. I'm usually a little quicker on the uptake! The standard guidelines require 2 years of filed tax returns, but underwriters are allowed to make an exception and approve a loan with just one year of tax returns so long as three things are true: Thing #1 - Your 2024 tax return will show a full year of self-employment (in other words, if you were self-employed on 1/1/24) AND Thing #2 - You have experience working in the same field or in a job that has similar responsibilities. AND Thing #3 - You have a history of earning income at a level the same as (or greater than) your new self-employment. Check these boxes and you should be able to secure approval for a conventional loan as soon as you file your 2024 tax return: The amount of salary you paid out to yourself in wages doesn't matter. We're just looking for the cash flow your business generated over the year. Profits you didn't pay out to yourself can still count as income so long as you either pay them out to yourself or your business can pass a liquidity test. I need to record a video about the liquidity test (it's on my list!). To avoid any sticky issues with the liquidity test, it's a good idea to distribute your profits. As your CPA what you need to do between now and the end of the year to assure the amount in box 1 of your K-1 (your profit) isn't wildly larger than the amount of distributions in box 16 on your K-1. And if you have any other questions or want to do a little pre-purchase planning, please reach out! You can text or call me at 503-799-3711 or email me at juleef@rate.com. I'd be thrilled to help you lay the groundwork for a new home in the new year (has a nice ring to it, doesn't it?) 😁
Would you look over my tax return. It's amended but I'm nervous to submit it. I have a lot of depreciation 😢. I think this is going to hurt me for some reason. HELP 😅
I'd be more than happy to look over your tax returns, Natasha! I think you scheduled a call to talk today but didn't pick up when I rang you. You're more than welcome to call me back. I left you a message. 😁 (My number, just in case, is 503-799-3711.) Hope to talk soon!
Hello Julee! I was stuck for hours trying to figure this out, I’m sooo thankful I found your channel! Sent you an email, it would be a great help if I had the chance to get a copy of your excel sheet calculator for S-corp!
Hi Julee!! Magnificent video :-) Really great info and description of the income/expense categories. May I get a copy of your income calc worksheet?
Hi Tori, that's the first time anybody ever called an hour-long video about income tax analysis for lending "magnificent", but thank you for the kind words. 😆
I'd be happy to share the spreadsheet with you. Email me at juleef@rate.com and I'll send it your way.
You’re a great teacher! Keep up the good work 🫶🏾
Thank you for the kind words and encouragement! 😁❤
If you have any questions about your own situation, I'm happy to be a resource!
Can I please get the worksheet? thank you so much for all the info
You're welcome Michael. 😁
The worksheet is a spreadsheet, so I need your email to send it to you. Please text your email address to me at 503-799-3711 and I'll shoot it over your way.
Excellent way of explaining..loved it..❤
Yay! 😁I'm so happy that you enjoyed the video. And thanks for taking the time to comment, too!
Wow, that was amazing! Thank you so much for putting all of this together.
You're welcome, Natalie! Making these types of videos is a lot of work, but it's all worth it when I get a nice note like this. 😁I am happy to answer any questions you have about your own situation. Don't hesitate to reach out. You can text or call 503-799-3711. Thanks so much for taking the time to comment!
Fantastic video! I would love a copy of the spreadsheet.
Hi Kelly! Glad you enjoyed the video and I'd be happy to share the spreadsheet. Text me your email address and I'll send it your way! My number is 503-799-3711.
Thank you! Great data and great instruction
Hi Enrique! And you're welcome! I'm glad you found the information helpful. 😁
Awesome thank you Julee
You're welcome, Cosmo! If you have any questions or want a copy of the spreadsheet I used in the video, just let me know! 😁
Yes, Julee, please send me one. That would be great. We worked together on several files when I was with GR!
hi Julee great information thank you for sharing this ❤
Hi Eunice! You're more than welcome! I hope the information is helpful to your planning. Please don't hesitate to reach out if you have any questions!
Just saw we are scheduled to talk... looking forward to speaking this afternoon! 😁
Hi Julee, this video is exactly what I needed. I’m self-employed and taxed as an S-corp looking to buy a home soon and was wondering how this would affect my home-buying power. This is great information on what to expect when it comes to the process. It’s also a relief to know that business/distribution income can be added to the salary income. That was my main concern when i began this research. Your vid saved me a lot of time as it happened to be the first to pop up! I love the spreadsheet you prepared as a working visual. Is there anyway to receive a download from you? I’d love to plug in my own numbers just to get an idea.
Hi Merrick! Awesome! I'm thrilled that the YT algorithm worked it's magic and that my video answered your questions.
I'd be more than happy to share a copy of the spreadsheet. Text your email address to me at 503-799-3711 and I'll make a copy and send you a link. 😁
Hey Julee,
Just went over your video on TH-cam for Self-employed Mortgage. I really love the way you break it and go through the details. It helped me to understand how the process works and gave me much more clarity on the tax returns.
I have two questions through
Can I get my hands on the spreadsheet that you used for calculations?
And my other question is, what will be the minimum income that you need to show in order to qualify for a mortgage?
Let's say if I apply for 360 000 what will be the minimum monthly income?
Thanks for your time and for making that video.
Hi, your videos are amazing it”s a great tool for self employed people like myself. Please can you make a video about mortgages for C-Corporation. I thank you in advance. Love the channel
HI there! I'm so happy to hear the videos I'm posting are helpful to you. Mortgages have a reputation for being tricky for self-employed folks. On the one hand there's a little more to them, but they're far from impossible!
A video about C Corp info is on my list. I think I'm tackling Partnerships next and then C Corps after that. If you've not subscribed, do so and I think you'll get an alert when I post new videos!
I'd love a copy of your excel sheet please. TIA
Hi Jo, sure thing! Text me your email address and I'll send it over. My number is 503-799-3711.
Awesome video! Im working towards becoming a 1st time homeowner thats self employed. 2024 will be first full year. Did i understand you correctly that if applying for a conventional that only 1 year is required or do you still need the full 2 years?
I payed myself a lower salary for first year to guage profits but i could take distributions if i really wanted to. Im choosing not to this year and will following years if not adjusting salary or combo of both.
No debt, 750+ fico and looking to put 30-60% down depending on value of home id qualify for. Thanks for any advice
Hey there Dustin! Sorry about the delay in replying. I'm usually a little quicker on the uptake!
The standard guidelines require 2 years of filed tax returns, but underwriters are allowed to make an exception and approve a loan with just one year of tax returns so long as three things are true:
Thing #1 - Your 2024 tax return will show a full year of self-employment (in other words, if you were self-employed on 1/1/24)
AND
Thing #2 - You have experience working in the same field or in a job that has similar responsibilities.
AND
Thing #3 - You have a history of earning income at a level the same as (or greater than) your new self-employment.
Check these boxes and you should be able to secure approval for a conventional loan as soon as you file your 2024 tax return:
The amount of salary you paid out to yourself in wages doesn't matter. We're just looking for the cash flow your business generated over the year. Profits you didn't pay out to yourself can still count as income so long as you either pay them out to yourself or your business can pass a liquidity test. I need to record a video about the liquidity test (it's on my list!).
To avoid any sticky issues with the liquidity test, it's a good idea to distribute your profits. As your CPA what you need to do between now and the end of the year to assure the amount in box 1 of your K-1 (your profit) isn't wildly larger than the amount of distributions in box 16 on your K-1.
And if you have any other questions or want to do a little pre-purchase planning, please reach out! You can text or call me at 503-799-3711 or email me at juleef@rate.com. I'd be thrilled to help you lay the groundwork for a new home in the new year (has a nice ring to it, doesn't it?) 😁
@workshopmortgage thank you for the reply.
@@dustinbradshaw2153 You're more than welcome! If you have any other questions, just let me know!
Thank You! ep 👍🐢
You're very welcome, Ethel! 😁 (And the turtle emoji doesn't get used nearly enough! 🥰)
Would you look over my tax return. It's amended but I'm nervous to submit it. I have a lot of depreciation 😢. I think this is going to hurt me for some reason. HELP 😅
I'd be more than happy to look over your tax returns, Natasha!
I think you scheduled a call to talk today but didn't pick up when I rang you. You're more than welcome to call me back. I left you a message. 😁 (My number, just in case, is 503-799-3711.) Hope to talk soon!
I would like a copy
HI Andrea! No problem. I'd be happy to set you up with a copy. Text your email address to me at 503-799-3711 and I'll send the spreadsheet over!
Hello Julee! I was stuck for hours trying to figure this out, I’m sooo thankful I found your channel! Sent you an email, it would be a great help if I had the chance to get a copy of your excel sheet calculator for S-corp!
Hi Joan! Thanks for your nice note. I just sent you an email!