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Additional Details
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Additional Details
to all you jacka@@'... |
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Helper15132 | Self Employeed, What is my gross income? |
I own a construction company- I am looking to buy land through a farm credit company- They want to find out my debt ratio so I was trying to figure this out before I went to the bank to see what I could really afford. Is my gross income what I have collected from my clients or is it considered my gross income after I write off all of the materials and things my accountant deducts? So im asking which number on my tax return am I going to use the ending number showing my profit or the orginal number with no deductions?
Additional Details
I do have an accountant but I want to know what the number is going to look like as far as what I can actually get financed for. for example my gross sales were aprox 250,000 but once i took out all my deductions my net was about 40,000 which i typically want because then i don't get slamed with taxes but now i want the higher number because i want to be able to have more money to purchase land- |
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Samham
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Gross is all you collect. Net is all that is left after expenses. |
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Judy1
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Your gross income is all the money taken in. But the bank is definitely going to want to know what your NET is after expenses, since that's all you actually made. |
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Inthedark111
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Gross income is what you make before taxes and all that.
Net income is what you actually take home. |
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ninasgramma
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The confusion here is terminology.
In tax terminology, your (adjusted) gross income includes all income plus your net income from the construction business.
For your construction company, the term gross income in accounting terms means your income before expenses.
If you are figuring the debt ratio only for the construction company, use your net income after expenses. If you are figuring the debt ratio for you including all income sources, use your adjusted gross income. |
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ed
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If the land is being purchased in the name of the business, as business property, they're asking for your "net income" of the business, after all deductions, "before any taxes" are paid.
This is NOT gross sales.
It can also be called Net Profit, before taxes. |
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Jenine
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Your gross income is the total of ALL your sales, so yes, it is the money you've collected from your clients. What is left after you write off your materials and other deducts would be your profit. |
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KUJayhawks#1fan
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If you dont have an accountant to figure this out for you, you need to get one pronto. As the business owner you should be too busy to deal with this stuff and you should be able to call the accountant and get it from them with no hassle. Also that keeps you from making any mistakes with taxes, as a business owner myself, I know how easy that can be to do. |
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happyhitler
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gross is all the money taken in,
net is profit |
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My two cents
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the number without deductions. confirm with your accountant. |
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