How To Calculate Your Income for Your Bankruptcy Forms if You’re Self-Employed
Filing for bankruptcy is a difficult process, especially when you are self-employed. It can be confusing to figure out how to calculate your income for the necessary forms. The following are steps to help you determine your income as it relates to filing for bankruptcy:
First, examine all of the sources from which you earn money. This includes any wages from working as an employee or wages from running a business such as freelancing, consulting or other services. In order to accurately fill out the forms, remember to include any bonuses, tips and other payments received throughout the year that were not recorded on W2s or 1099s.
Second, review your expenses related to self-employment over the past year. These typically include costs associated with running a business such as supplies, equipment and advertising fees.
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