Self Employed Mortgage: How to Get Approved in 2023 if Self Employed

Great advice! Always tricky for self-employed and appreciate you being our Problem Solver!

Hello! I'm really confused on the taxes. We hire someone to do our taxes and we just answer their questions. In order to not claim as much on taxes, we would have to lie. Our jobs have to do with driving. So there is an automatic write-off for mileage, and that alone takes a massive cut out of our gross. Even if we don't actually spend that much in gas per year. And wouldn't it be harmful to us to switch to a w2 just to try and get into a home?? Around this area there aren't w2 jobs that make as much as we make now.

Is sole proprietor and self employed the same thing? Can you get approval for mortgage as a sole proprietor that's been consistent for 2 years with 2 years of bank deposit statements and 2 years tax returns

Great video. What does a underwriter look at on S corps to use as qualifying income? W2, K-1, and distributions?