if we get to their 75,000 annual income qualification
Posted By: Luke S. on 2007-06-16
In Reply to: Did you talk to a bank or mortgage company and see if you can get pre-approved? Seems - like your income is too low for such a costly hous
then they can qualify us for that. 
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Sorry - for your sake I hope the reason was too much annual income. (nm)
I did the annual Libby pumpkin pie- sm
and something called pecan tassies.....kind of like minature pecan pies, in small muffin pan, about 1.25 inch or so in diamter, yummy. Did 2 batches this morning after I finished the pie. Now unfortunately back to work as we are going away Saturday and I need to finish up about 150 minutes of work staring at me.
Having our annual Super Bowl party
Just a few close friends. We're having pizza and chicken wings and my the neighbors bring over various dishes. One usually brings over a great hot chicken wig dip and my husband will make chilli in the crockpot. My friend and I just like to watch the commercials. LOL. After we eat and see the halftime show, the kids and women go across the street for our own party.
Having our annual Super Bowl Party
We have one every year. We're having about 15 friends over. Pizza, wings, assorted munchies and whatever dishes our friends decide to bring. It's a lot of fun even though I just watch the Super Bowl for the commercials, and the halftime show.
Wish us good luck with our annual batch of Limoncello!
This year our batch was deemed excellent by all of our family and friends. For 2008, we're adding a touch of ginger and we'll see how it goes when we give bottles at Christmas. We fill and cork small 100 ml bottles and give them to family and friends every year.
As long as you have an income
As long as you have an income you file. Over 70 is for social security where you can earn as much as you want and still collect your full SS. Boy is that was true all of the rich would be lying about their ages so that they did not have to pay taxes.
Too much house for you on your income...
especially with a new baby and all that requires...take into consideration if you have car payments, credit card payments, student loans, plus utilities, etc. Talk to a mortgage lender, what is your mortgage rate going to be, how much can you put down on the house, see what the lender says. Don't get in over your head...some people want it all right away, instant gratification. Take your time. Good luck
probably since any income is taxable
income for the year it is received. That is why you get a statement of earnings for it.
It is possible to increase your income
Pay off the house! Congratulations!:-)
Is it possible to increase you income temporarily to put towards the cc debt? Can your dh work side jobs or a second job?
After you pay off the house, I would start pay off the cc from the smallest balance first.
200
2K
4K
10K
I would not withdraw from retirement but stop paying it right now. After you pay off the house, put all your money into paying off the cc debt.
For the 4K and 10K I would write them a letter and try to get a lower APR.
If your income has been cut in half (sm)
I have to ask - what are you spending the money on? Rent is the first thing you should pay, then food, and then transportation. If you are worried about paying credit cards first, or some other debt, you are cutting your own throat.
I would advise you to do some looking at Dave Ramsey. He has several excellent books, available usually from the local library.
Also, as for the husband, sit down with him and talk to him - I don't know if you have done this or not, but his playing the video games may be a way for him to escape. If he has always been responsible in the past, then his irresponsibility now is probably a defense mechanism.
You both need to step back and take the emotion out of it. If you are not able to do that, the situation is not going to improve. You both have to show commitment to making the relationship work, even on so little money.
If you have a pastor or some sort of mentor/advisor, that might be a good place to start, once you have talked to your husband. A neutral party who can look at the situation from all sides can help.
Good luck, from someone in similar shoes.
HC
How do you manage at income tax time?
Do you file separate returns?
Would you also want your income taxed at the 40% rate?
At one time England did that. The friends we had in Cananda said they were taxed to death on their income, but they were pretty pleased with their healthcare. There is no easy solution.
That puts me in the low income bracket. . . SM
Wonder why I don't quality for any help if that is the case. I have no medical insurance and was just at the ER and it cost me $1800 (so far as lab work not returned yet) to wait for 5 1/2 hours altogether and get a port and three meds administered with a CT scan of head. They charged me $396.00 for the attending on duty to talk to me 15 seconds after the resident saw me. A nurse told me in the ER that they would trim some of the cost for me, but when I called the hospital they said I did not quality. A working person falls between the cracks. Makes me angry they could not help me at all.
If he's elderly and low income, he needs to check sm
with senior services to see if he qualifies for some type of medical assistance aid.
Amen! We are just at a six-figure income..
but you would never know it by our lifestyle. We don't need to impress anyone or put ourselves in debt for material things that depreciate the minute you walk out of store with it or drive it off the lot. Americans need to SAVE money, a concept that has been long lost through the generations.
PS! One more - check to see if you qualify for low-income
It depends on your income range sm
I just got my taxes back and I had IC and employee income on there totally $38K. I worried. End result? $298 more to pay in, a VERY far cry from the $8K I paid in each of the last 2 years as an IC. (I have no expenses to speak of, no mortgage or rent, which really hurts as an IC.)
While on the phone with the tax accountant, I asked if withholding had changed. He said yes for most segments of the so-called middle class. He said that while I lived well and had the biggest ever year as an MT, my income is considered the low end of the middle class, so I get a break. I have noticed about a $100 INCREASE in my paychecks from lower withholding.
This is going to depend on your income range to some extent and also how you have your W-4 set. Mine is single with no exemptions, the highest amount you can have withheld automatically (unless you ask for an additional amount).
The projected tax burden for lower income Americans has decreased and so some of us will see a difference. I have, but it was to my benefit.
You show proof of past income if you need to (sm)
and that should be enough - especially if you have excellent credit. I actually had a mortgage person tell me that self-employed people are basically stuck and can never make more money - needless to say I moved on to another company.
Stated Income Home Loan
I am a self-employed IC and have purchased 4 homes in 4 different states as a single person. I was able to obtain a Stated Income Mortgage based on my credit, rather than my W2. No tax info was used, needed or requested. I guess, if your income is needed along with your husband's to qualify for a loan, then you would need the W2 info. But as a single person you can obtain a home loan based on your credit and not your tax info. Also, if you don't have enough for a down payment, you can take out a "second" against the house you are purchasing to finance your downpayment. You will have a short-term payment for the downpayment and your 30 yr note on the home. I was also able to obtain very low interest rates based on my credit rating.
Good luck, I did have to provide extra documents when I purchased one home with my exhusband.
I also have to consider my income - not just whether I enjoy the job; that is my main concern. nm
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Ideas to earn extra income
In addition to your regular career what do you or your family do to bring in a little extra cash? I started a garden this year and it is doing so well that I think I may try for the local farmer's market next year. Not looking to make a fortune but it would be great if it could pay for extra things like a day at the zoo or pizza and a movie.
eBay is great for extra income...
and also to get things on the cheap. I haven't done it in months so can't really you a monthly amount, but looking forward to getting back into. Good luck to you.
that's nonsense! I make a six-figure income all my myself being an MT. Hubby has no need to wor
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Agreed to let hubby have all the refund on the income tax and drat!
See, it is like this. I told hubby to take his check book today because it costs quite a bit to get our taxes filed at H&R and I basically did not care about paying for it this time (between paydays really). I said if you will pay the charges to file, then they will have your check and anything we get back you can have and if we have to pay a really big amount, I will go and take that out of a bigger account in my name and I will pay, so it will be win, win situation for you. Drat! Can I take that back now? He has paid most all the income tax this year, as an independent I did not pay my fair share but yet, now he is getting close to 5,000. Can I renegiogate? Anyone else do this sort of crazy thing and then wish they could take it back? Darn, drat, dagnab it!!!!
Southern here, cracklins sold in lower income stores usually
I have been at roadside stands and never smelled them cooking nor saw them but mostly you see in stores like food depot. I know of no one who uses them. I am sure that various parts of the country have other foods that could turn a person's stomach. I remember a supposed pepperoni pizza I had 1 time in Buffalo and the tomatoes on it were whole like uncooked. Yuck for that. Everyone has a yuck I am sure.
Good advice. In this economy, lay low. Sounds like a PT job may be in order to increase income. (
dd
Make a list of budget/spending priorities for your self employment income
Dave Ramsey's book has a irregular income planning sheet. Basically you list your expenses with the cash flow sheet. With any steady income you allocate it. For irregular income, make a list from the cash flow sheet of what needs to be paid first. Keep a culmulative total.
Make your own income, hire a plumber. Total unnecessary. Men are useless in the family plan.
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