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QUESTION:
I am a small business owner and my fianc=E9 is from Bogota Colombia. She =
will be attending an interview hopefully in June for a K1 Visa. The =
Colombia Embassy ask for three years of tax returns. I will be =
submitting Tax Transcripts from the IRS. My 2003 taxes will show that I =
my gross income was at 125% of the poverty level guidelines. My 2002 =
taxes show a loss from my opening expenses of my business. In 2001 my =
income from employment was well above the 125% of the poverty =
guidelines.=20
Do they only look at the latest tax return for the income required for =
the poverty guidelines on an I-134? Or will my 2002 taxes be a problem?
Furthermore, My income for 2004 will be above the guidelines as well.=20
Being that I am self employed do I need to submit any additional =
evidence that=92s not requested in the I-134 Affidavit?
Additional evidence: I have $12,000 in a 401k. I have 10,000 equity in =
my home and $2000.00 in savings.=20
Thank you for your time,
XXXXXXX XXXXXX
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david ingram replies:
Homeland security will use the average of the last three years you =
submit. If the three years do not average 125% of the poverty line, you =
are out of luck without a co-sponsor or more assets than you have at the =
moment.
If you know that 2004 will be a good year, get a CPA or an enrolled =
agent to give you a certified statement as to your financial status at =
this moment including your income for the last five months if it will be =
really good. Maybe, for instance, you shouldn't claim all your expenses =
at this time.
For example, all the law states is that you have to report all of your =
income. No such statute exists that requires you to remember and =
therefore deduct all your expenses. To raise your income, it might be a =
good idea to cash in the 401K in 2004 and pay the tax and penalty. If =
you know that you will not make it for the last three years, I suggest =
you wait another six months until 2004 is ready and you can produce a =
really good series of returns with enough in 2004 to override 2002's =
loss. It might cost you some extra income tax but the results will be =
worth it.
Otherwise, you will find yourself dancing on the head of a pin to prove =
your worthiness.
If you are in a hurry, you can consider getting a mother, brother, =
sister, father or friend to co-sponsor your fianc=E9e.
Good luck and best wishes
david ingram
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Answers to this and other similar questions can be obtained free on Air =
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Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier =
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Those outside of the Lower Mainland will be able to listen on the =
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Disclaimer: This question has been answered without detailed =
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