Posted by Kate/PA on 4/14/13 6:39pm
Msg #465663

how do we as NSA's report our income or get paystubs?

So far I've worked for a few title companies & a couple signing services. I'm trying to get my own house next year so I was told I need paystubs.

I'm new at this so this is why I'm asking.

Reply by ToniK on 4/14/13 6:41pm
Msg #465664

You're self employed. You don't get pay stubs. That for employees. You would have to provide a couple of years tax return and several months of bank statements.

Reply by John Tennant on 4/14/13 6:42pm
Msg #465665

I copy every check I receive as well as notifications of the direct deposits. Those should satisfy the "pay stub" requirement.

Reply by Linda_H/FL on 4/14/13 7:41pm
Msg #465672

Yes, you're not going to have paystubs..

You're going to have to provide tax returns and, possibly, profit & loss statements for your business.

That's why when we were looking into refinancing a few years ago we had it based solely on my husband's pension.

Reply by Clem/CA on 4/14/13 8:13pm
Msg #465675

Chicken suit

Reply by HARRY_PA on 4/15/13 8:44am
Msg #465708

Chicken suit -- boring n/m

Reply by sueharke on 4/14/13 8:18pm
Msg #465676

I suggest using the services of the Small Business Development Center (SBDC), part of the Small Business Administration (SBA) to understand what it takes to be an independent business owner. This organization has classes on business planning, record keeping, and quickbooks. There is also an organization called SCORE, or retired executives that are able to help you understand how to run your business.

Reply by Lee/AR on 4/14/13 8:26pm
Msg #465677

Sigh~~ n/m

Reply by jba/fl on 4/14/13 8:55pm
Msg #465682

Re: Sigh~~ ditto! n/m

Reply by Jennifer Jackson on 4/14/13 11:36pm
Msg #465688

You are self-employed at this point, so you need proof, proof, proof. The main thing that you will have is your income tax return to show your income. Also, at the end of the year, the companies will send you a 1099 to do your taxes (not all will send one if you have not made over a certain amount). The best thing to do is to keep track of each signing individually so that you can accurately report your income, 1099 or not. But you will need your taxes for sure.

Reply by JanetK_CA on 4/15/13 1:29am
Msg #465696

" The best thing to do is to keep track of each signing individually so that you can accurately report your income, 1099 or not."

Bingo! It's important to have some kind of accounting system to keep track of all your expenses (including mileage on a day by day basis) by category, and all your income. At the end of the year, you can then prepare your taxes based on actual records. You will likely have more income than what's reported on 1099s, since they are only required from companies that have paid you more than (I believe) $600 for the year. All of it is reportable, whether or not you received a 1099 for it. But if you keep good records on ALL your business expenses, you will have lots of deductions that will help reduce your taxable income.

BTW, for things like mileage, that should include business purpose, name of persons met with, etc. If anyone isn't sure what sorts of things are deductible and what information is needed, SCORE or the SBA may be able to offer free (or very low cost) assistance. Or get advice - and a good tax organizer - from a tax/accounting pro. These are very important things for a business owner to understand, and if you don't, then it's worth it to pay and expert, imo.

Reply by Ilene C. Seidel on 4/15/13 8:28am
Msg #465706

They are going to ask for more then usual information from you because you are independent so be prepared to jump thru more hoops then if you are a W-9 recipient.

Reply by Deanotrek on 4/15/13 9:22am
Msg #465712

What I am doing is I have an accounting program called Peachtree, and have started my services as a business. Then you need to set up yourself as an employee. Then determine how you want to pay yourself. You can either pay yourself hourly at a certian rate per hour, or give yourself a salary per pay period. You will have to setup payroll deductions such as Social Security, Fed Income Tax, etc... Then you can print yourself a copy of the paystub, or even print yourself the check. At the end of the year you will be able to then print yourself a W-2.

Reply by JPH13/MO on 4/15/13 12:28pm
Msg #465756

Unless rules have changed you may not qualify to refi

I haven't been involved in the lending process for about 5 years, so things could have changed, but up until then if you were self-employed you had to have at least 2 years of taxes paid as a self-employed notary and have previously been in a real estate related field OR 3 years of taxes paid as self-employed, and they only base your earnings on the net profit of your business, not your gross profit, which makes it even more difficult. They used to average 3 years out if the person was self-employed, to determine what they considered to be their gross annual income.

Reply by MW/VA on 4/15/13 3:20pm
Msg #465807

It's even harder to qualify these days as self-employed

and every $ of income has to be documented. Unfortunately, this is one of the issues that the "no document--stated income" loans of a few years ago created. I tried to buy another property last year, but could only claim $$$ that I show as profit.
I hope Kate has another job, and isn't counting on just this biz to qualify for a loan.