blue slip blues

[steveandrong]

What exactly is an accounting statement and what info does it need to have?

Myself, also being self employed, i deal with my bank in securing operating loans for my farm each year...and to get these loans, I need to submit a finacial statement each year listing cash on hand, assets and liabilities which gives them a secure picture for whether to approve or deny the loan...i am sure your bank will work with you to get this statement and will also notarize it for you to use in your overcome....these statements are most often just a printed form which you can fill in the blanks....if you have any problem filling it in, your bank loan officer should happily help you do this.

[lostinblue]

One thing that comes up on visa journey.com is often a self employed person makes the most of the deductions allowed by law.Buy that brand new truck and write it off the first year so you pay little to the government. From an accounting point it makes sense. However in dealing with your 1099's and GUZ they want to see you can support your wife. Not your business can support them but you personally. I believe in this economic situation here in the states they may be looking at the financial situation pretty close. In other words maybe assets are not enough. If they ask for a co-sponser it is best to provide one. For someone with a business reading this who in the future will petition someone you have to do your homework ahead of time. I also deal in an agricultural business and it is fairly easy to show a profit or loss in any given year. It depends when to move inventory. For example do you sell 10,000 bu of corn in December or January.

[Randy W]

One thing that comes up on visa journey.com is often a self employed person makes the most of the deductions allowed by law.Buy that brand new truck and write it off the first year so you pay little to the government. From an accounting point it makes sense. However in dealing with your 1099's and GUZ they want to see you can support your wife. Not your business can support them but you personally. I believe in this economic situation here in the states they may be looking at the financial situation pretty close. In other words maybe assets are not enough. If they ask for a co-sponser it is best to provide one. For someone with a business reading this who in the future will petition someone you have to do your homework ahead of time. I also deal in an agricultural business and it is fairly easy to show a profit or loss in any given year. It depends when to move inventory. For example do you sell 10,000 bu of corn in December or January.

 

 

A deduction does NOT represent a loss of income. It is not required that you pay taxes, only that you are able to support your wife. We have seen people breeze through who showed $0 income on their tax returns, including one who listed $0 income on the I-864. There are VO's who know how to look past that, there are others whp see the $0 figure, and immediately think, blue slip. That is why I recommend the accounting statement to show your true financial picture right up front.

[Eric739]

Randy is absolutely right. I had my own business for years and used an accounting statement to show the real picture. Anyone is business knows it is smart to deduct as much as you can. I would use an accountant rather than a bank, one who is certified and must follow the GAP (general accounting practice). Other accountants would recognize that certification.

 

Unfortunately, a VO does not. If fact, many others do not. Getting a mortgage for me was difficult although I made a lot of money in the business. But I got the mortgage.

 

And I would get a sponsor too in order to cover the bases.

 

Right now, it is important to get over the anger and hurt and get to working on what you need to overcome. I think emotions are the difficult part of being "rejected."

 

And do it soon. Time makes a difference.

 

It took us almost 9 months before we finally got the visa after the blue.