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 2023 but it could equally be the first quarter of 2023 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...
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Simple Profit And Loss Template For Self Employed Form: What You Should Know
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