Self employed borrowers are some of my favorite to work with. As a bit of a tax nerd it’s always fun for me sifting through tax returns and determining a client’s usable income. It’s often the case that borrowers are surprised that they don’t qualify for as much as they thought due to having written off too much in tax deductions on their employment income. This is where the advice of a CPA can unfortunately hurt a person’s buying power. I never want to give tax advice as I am NOT someone that specializes in it I do love to educate my clients on how their tax returns and what the deduct can affect their reportable income and purchasing power.
As a general rule for most sole proprietor borrowers you can write off mileage, depreciation and home office expense without it hurting you (as long as they are actual and provable deductions). I would ALWAYS recommend speaking with a tax professional when creating and filing tax returns and am happy to recommend some of the best in our area. For more information on how your income can effect your mortgage call me at 910-250-8888.
As always, if you have questions about mortgage guidelines, terms or rates please call/text me at 910-250-8888. I proudly serve the Wilmington, Leland, Hampstead, Jacksonville, Southport areas and am licensed in all of North & South Carolina and Virginia!
apply online: www.JoeyMilam.com
call/text 910-250-8888
