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Income Verification Strategies for the Self-Employed | Proof of Income for the Self-Employed

Income Verification Strategies for the Self-Employed

Working as a self-employed business owner or an independent contractor can have enormous advantages. The ability to go your own way and earn money based on your experience and talents is certainly appealing, as is the chance to work from just about anywhere.

Pero para los autónomos, las actividades que el resto del mundo da por sentadas pueden presentar algunos retos adicionales. Desde la declaración de impuestos hasta la elaboración de un presupuesto, muchos aspectos de la vida financiera son mucho más complicados para los autónomos.

Uno de los principales retos es demostrar los ingresos, algo a lo que los trabajadores de nueve a cinco años rara vez prestan atención. Para los empleados tradicionales, verificar los ingresos puede ser tan sencillo como entregar al banco un par de recibos de sueldo, pero para los autónomos, el proceso es un poco más complicado.

Por qué puede necesitar verificar sus ingresos

Hay varias ocasiones en las que un autónomo o un trabajador contratado necesitaría verificar sus ingresos. Las circunstancias pueden variar, pero he aquí algunos ejemplos de casos en los que puede ser necesaria la comprobación de ingresos.

Applying for health insurance through the official Federal government marketplace or various state exchanges – Health insurance is a major consideration for the self-employed, but programs like the Affordable Care Act make it easier. Government subsidies can make buying health insurance more affordable, but qualification is based on income. 

Qualifying for small business loans and government grants – There are loans and government grants available for qualified small business owners, but applying for them typically involves verifying and disclosing your income. 

Applying for government benefits – Many government benefits, from health care to housing subsidies, are income-based. If you plan to apply for any of these benefits, you will need a way to verify your self-employment income. 

Buying a home – Getting approved for a mortgage can be a real challenge for the self-employed, especially if your business is relatively new or your receipts vary from month to month. If you are applying for a home loan, you can expect a vigorous income verification process. 

Getting a car loan – Rideshare drivers who need to upgrade their vehicles may encounter problems during the loan application process, starting with difficulties verifying their income. Everyday drivers may face these issues, so keeping careful records is important. 

Setting up a business bank account – Having a separate bank account for self-employed income and business receipts is important, but the bank may ask about income when you fill out the application. 

Renting an apartment – When you rent an apartment, the landlord will want to know you can pay what you owe. Some landlords are wary of renting to self-employed individuals, so having quality records could be key.

Making quarterly income tax payments – Advance income tax payments are a way of life for the self-employed, and income verification will make it easy to stay in the good graces of the IRS without paying more than you owe. 

Estrategias para verificar los ingresos procedentes del trabajo por cuenta propia

Poder verificar los ingresos es muy importante para los autónomos, y hay estrategias que pueden facilitarlo. Si trabaja por cuenta propia, debe mantener registros escrupulosos, no sólo para la futura verificación de ingresos, sino también para los impuestos actuales y los gastos de manutención. He aquí algunas estrategias que puede utilizar para verificar sus ingresos como autónomo, contratista independiente o propietario de una pequeña empresa.

Proof of Income for Self-Employed:

Income tax returns – If you are self-employed or work as an independent contractor, your income tax return probably includes a Schedule C. Depending on what benefits or loans you are applying for, you may be able to use that information to verify your business income. 

Bank statements – Hopefully, you already have a separate bank account for your self-employment income and business receipts. If not, now is the time to set one up. Once that account is in place, you may be able to use it to document the income you are claiming. 

Profit and loss statements – If you use a small business accounting software package like QuickBooks, you can use the profit and loss statements it generates to verify your income. You should keep these profit and loss statements anyway, so using them for income verification gives you an additional benefit. 

Online payment records – Many independent contractors and small business owners are paid electronically through services like PayPal and app-specific platforms. If you get paid this way, it is important to keep records of those payments. Taking screenshots, downloading statements, and taking other verification steps will make documenting your income easier. 

Cada vez son más los hombres y mujeres que abandonan el mundo laboral tradicional por la flexibilidad y libertad del trabajo por cuenta propia. Si usted es una de esas personas, necesita una estrategia para documentar y verificar sus ingresos.

Saber cuánto gana y a dónde va a parar ese dinero le facilitará la elaboración de presupuestos, de modo que podrá ahorrar más dinero y acumular un colchón de efectivo contra futuras desaceleraciones. Además de estas importantes ventajas, la posibilidad de verificar sus ingresos puede ayudarle a acceder a subsidios del seguro médico, préstamos para automóviles e incluso hipotecas.

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