sashim80 Posted January 13, 2008 Report Share Posted January 13, 2008 Hi! My husband and I would like to get a 2nd car this year. The problem is they both have to go onto his credit due to the fact that he is the only one with a JOB. I do make pretty good money staying at home selling my handmade items on ebay and my online boutique. Anyways, this wont work due to our debt to income ratio. My question is, when the dealership asks for proof of income is thier anyhthing I can give them to satisfy this requirement. Thanks for any help or advice!! I do plan on filing taxes this next tax year, even though I am at a total loss on how to do so, LOL Link to comment Share on other sites More sharing options...
ShortBus Posted January 13, 2008 Report Share Posted January 13, 2008 Since you don't have any pay stubs, you could try to supply them with your tax records from the past year. However the self-employed are largely looked upon as being financially unstable, so I don't know if they'll actually consider your income.As for filing the taxes... assuming that you haven't formed an LLC or corporation in your state, you'll report the income on a 1040 Schedule C. It's not all that difficult to fill out. If you don't already have it though, I'd recommend that you start keeping track of your business with Quickbooks. It'll make year-end taxes a snap to prepare and will likely save you quite a bit of cash by making it easier to track deductible expenses. It also makes it much easier for an accountant to review your books. Link to comment Share on other sites More sharing options...
Big Time Posted January 13, 2008 Report Share Posted January 13, 2008 The best way would be to form a sole proprietorship and build up some business credit, then buy the vehicle in the business name. Link to comment Share on other sites More sharing options...
CleverCynic Posted January 13, 2008 Report Share Posted January 13, 2008 filling out the 1040 for "proof" of income doesn't necessarily mean you have to actually SEND IT IN by the way It's not like you're going to get a letter back validating the information... Link to comment Share on other sites More sharing options...
ShortBus Posted January 13, 2008 Report Share Posted January 13, 2008 A sole-proprietorship won't enable someone get credit in the business's name since the legal name for the business is the owner's name. To actually do that, you'd need to form a separate legal entity such as a corporation or LLC. However, it's very unlikely that anyone will grant credit to a brand-new corporation unless an officer puts up a personal guarantee. And with or without a personal guarantee, they're still going to run a credit check on the person signing the checks anyhow. Link to comment Share on other sites More sharing options...
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