Proving Self Employed Income

[OvRmyHD]

Hey to all I have been lurking here for awhile and need a little help.Self Employed,filing chapter 7,pro se.Have not worked in the last 2 months,but had sporadic income in the previous 8 months.I only have my bank statements to show my income.Will that be a problem for the trustee or the US trustee?Has any one else dealt with this issue and was it a problem?TIA

[B12]

I am dealing with same issue and have still not figured it out.

[HHM]

Yes, generally bank statements showing deposits will be acceptable along with an affidavit essentially affirming that you are self-employed and all the deposits shown on your bank statements are your only source of income.

Do you have a "corporation" or are you simply operating as a sole proprietor?

[aachudneymiles]

The trustee mite want to see your past tax returns. Thats how your gross would be shown..

[OvRmyHD]

Yes, generally bank statements showing deposits will be acceptable along with an affidavit essentially affirming that you are self-employed and all the deposits shown on your bank statements are your only source of income.

Do you have a "corporation" or are you simply operating as a sole proprietor?

Sole proprietorship,am filing soon and I don't want to wait for my 1099

[B12]

Sole prop also. I am assuming you are paying yourself a salary if you are getting a 1099.

I don't pay myself, so far I am giving attorney tax returns showing gross and AGI and a Profit and Loss quarterly statement for the year 2007.

Still trying to figure out the bank statements ordeal. I am dreading have to figure out every merchant account deposit, VISA, MC, etc. and every cash and check deposit. I am hoping that the tax return and P&L says it all and I won't have to worry about the statements. Time will tell. Seems redundant to me.

[OvRmyHD]

Sole prop also. I am assuming you are paying yourself a salary if you are getting a 1099.

I don't pay myself, so far I am giving attorney tax returns showing gross and AGI and a Profit and Loss quarterly statement for the year 2007.

Still trying to figure out the bank statements ordeal. I am dreading have to figure out every merchant account deposit, VISA, MC, etc. and every cash and check deposit. I am hoping that the tax return and P&L says it all and I won't have to worry about the statements. Time will tell. Seems redundant to me.

No just a poor subcontractor

[B12]

Ah, then it should be as easy as someone with a regular paycheck. See if the company or companies you sub for will give you a year to date earnings report.

[nc73]

You could also call the IRS and get a printout of what you earned. That's if the income was reported to the IRS. I've done this in the past..

[OvRmyHD]

You could also call the IRS and get a printout of what you earned. That's if the income was reported to the IRS. I've done this in the past..

Here is when things get a little fuzzy.at this time am not working fo a company so to speak,I am selling them a product(timber).I no for a fact I will not receive a 1099 from them at the end of the year.I have kept track of the money I received from them for tax purposes.I don't have copies of some of the checks.Dumb I know,I know how much I made just need to know what proof I need.Which all I have are my Bank Statements and a few copies of the checks.I apologize for not giving more details before.

[nc73]

Here is when things get a little fuzzy.at this time am not working fo a company so to speak,I am selling them a product(timber).I no for a fact I will not receive a 1099 from them at the end of the year.I have kept track of the money I received from them for tax purposes.I don't have copies of some of the checks.Dumb I know,I know how much I made just need to know what proof I need.Which all I have are my Bank Statements and a few copies of the checks.I apologize for not giving more details before.

I would just get a free consult from a lawyer at this point. Less worries for you. It's convenient to post here for answers but eventually you will have to see a lawyer.

[B12]

If you sell something, you are not a 1099 independent contract employee. You are truly in your own business. You need to take the income from the checks and subtract the expenses you incurred in selling them the timber.