Business Owner - I-864

[SolarGreen]

The last year I filed my 1040 Line 22 "Total Income" was only about $4500. I am a business owner and only take a very small amount of income from my business. Of course as a business owner I want claim auto and business expenses to keep my income and taxes down. I employ 4 people now(all above the poverty guidline. lol), and when business was good I employed 7.

On my Schedule Schedule C Profit and Loss I have a gross income of $230,800 on reciepts of $430,000.

I have not filed my 2008 taxes yet, I have filed extensions.

I do have some assets, but with the down real estate market there is not a lot of equity in my home, and I am not sure my business and tools would be considered "liquid" enough.

How do I qualify to meet the 125% of the federal poverty guidlines?

Will this be a probelm for me?

 

[Dmom]

Are you applying as a sponsor for someone? When we apply for a client and their spouse is self-employed, we submit I-864 on their behalf even though their prior years income was under the 125% poverty guideline. In businesses it happens. However, we submit self-employment letter with expected annual income for CURRENT year which should be above the guideline limit. It is an estimated (expected) income and USCIS accepts this as a sufficient proof of income . Technically you have earned 230,000 - 430,000, but due to expenses you eneded up claiming less.
You should include your assets on page 5.