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Video instructions and help with filling out and completing Simple profit and loss template for self employed
Hey this is Mike Durer listen I wanted to go over this information for you a lot of times when you're self-employed an underwriter is going to require that you have a profit loss now there are two situations that come up one is when you haven't filed your income taxes for the previous year and the other one is they they want to see the equivalent of how you've done in any specific time during the year and normally a good category of this time period is quarters so in the one that I'm going to go over today it's for the year of 2022 but it could equally be the first quarter of 2022 so that the underwriter would want to see what your income is now the source of the data that we're gonna put in here could be your checkbook it could be the receipts that you get in and the best way to do this is to use a previous tax return if you've been self-employed for any length of time to show consistency with your Schedule C which is the profit loss for your business when you file your tax returns so anyway what I wanted to show you is that here you've got your income now you could categorize your income it doesn't it's not necessary but you could put income from one type of job or our income from a different type of job if you're in the retail business it might be your total sales income and then if there is a cost of goods you see here we put a number here materials labor I mean these can be anything that you want and then what you look at is you say okay this was my gross sales these were some deductions that might have come out of there that cost of goods or services or labor and then down here you have your gross profit okay and out of your gross profit you're gonna pay a part of your expenses so in this particular model that I use or this template that I'm showing you might have had some repairs and maintenance expenses office expense wages you may have paid some additional contractors business phone and then again you can list you can see there's a fair list of other things that many businesses have and what they're going to do is we're gonna total the expenses in this particular case they were pretty minor eleven thousand that's going to be subtracted from the gross profit up here to give your net income now one another water is gonna do is a nun writer is gonna say okay if they have a forty six thousand dollar net income then that's going to equate and you just divide that by twelve they would look at what your gross monthly income is based on that now I will tell you that most underwriters aren't going to accept just your confirmation.