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 when they want to see the equivalent of how you've done in any specific time during the year. Normally, a good category for this time period is quarters. So, the one I'm going to go over today is for the year of 2013, but it could equally be the first quarter of 2014. The underwriter would want to see what your income is. The source of the data that we're going to put in here could be your checkbook or the receipts that you get in. 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's not necessary, but you could put income from one type of job or 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 for 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, like the...
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Simple Profit And Loss Template For Self Employed Form: What You Should Know
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