Ways That Tax Preparation Can Affect the Home Buying Process
When you are looking to purchase a home, you may not realize that the bank or lender may want to see copies of your prior years tax returns. This is most commonly needed if you are self-employed, own a business, or have a huge discrepancy between what you claim to be making now versus what you made only a year or two ago. Here at WannaHomeLoan.com, we understand the complexity of tax preparation and how it can affect the home buying process. This is why we can help you with tax preparation, including the process to file back taxes, file tax returns for current years or file modification of taxes. Here is what you need to know about the ways that tax preparation can affect the home buying process.
Why Tax Preparation Can Affect the Home Buying Process
Not everyone has an employer who can verify the amount of money that they make, nor does everyone make a steady amount of money. Tax returns are especially important for these types of individuals. If you are self-employed, make a portion of your income from tips, earn commission instead of a base salary amount or work multiple jobs to bring income in, tax returns can be vital at proving your income. Most people do not claim more income than they truly earn, as they would have to pay taxes on that money. As such, showing your income tax return can be a vital step in showing a lender exactly what you earn when you cannot necessarily prove it by your employer or pay stubs. It is important to note that some lenders will ask for only tax returns, while other lenders may also ask for bank statements in addition to tax returns.
Reasons to File Tax Returns or File Back Taxes to Help With the Home Buying Process
If you are looking to purchase a home, you may need to get caught up on the filing of your taxes before you do so. If you have yet to file tax returns for current years or you need to file back taxes, we can help you, while also ensuring that the information is properly captured in a way to help you with the home buying process. In some cases, you may also want to modify back taxes because you realize you have not claimed all of your income or want to add more income in to help you qualify for a loan. We can guide you through the process of filing your taxes in order to optimize the chances of your tax returns being accepted by a lender to help prove or show your current income.
Reasons to Select Us When You Need a Tax Preparation Company Near Me
There are many tax preparation company near me that you can select from as you look to hire a tax preparation company to help you file your taxes. However, if your goal is to purchase a home, you will want to use a company, such as us, who can help you fill out your taxes in an effort to show your true income, rather than reduce your taxable income. A tax professional wants to reduce your taxable income, while a tax professional with roots in the home buying industry knows how important boosting your income is, rather than working to reduce it. While you may pay slightly more in taxes, you may be able to show a higher income level, which can be vital when you are trying to apply for a home loan. It can be the difference between you getting approved for a home loan or getting approved for the amount you need to buy your dream home.
WannaHomeLoan.com is your one-stop shop to get all of the help you need when you are looking to purchase a home. We can help you find the perfect home, put an offer in on a home, and help guide you to home loan programs and down payment assistance programs. We are also a tax preparation company who can help to file back taxes or file tax returns for current years to help you show the tax returns that may be needed to prove your income and qualify for the loan that you need as you look to buy a home. Whether you are just beginning the process of looking into buying a home, or you are ready to make an offer on your home, let us help you. Reach out to us today to get started.