How To Calculate Your Income for Your Bankruptcy Forms if You’re Self-Employed
If you are self-employed and considering bankruptcy, you may be wondering how to calculate your income for your bankruptcy forms. The good news is that it is not as difficult as you may think. Here are a few tips on how to calculate your income for your bankruptcy forms:
1. Include all sources of income. When calculating your income for bankruptcy purposes, make sure to include all sources of income, such as wages, tips, commissions, and self-employment income.
2. Calculate your average monthly income. To calculate your average monthly income, take your total annual income and divide it by 12. This will give you an accurate representation of your monthly income.
3. Use IRS Form 1040 Schedule C to report business expenses.
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