Taxes and buying a home
REAL ESTATE TAX TIP If you are self employed and would like to purchase a home, please know that how you file your taxes plays VITAL part on how much you get approved for. The more you write off as deductions, the LESS you qualify in purchase price because your deducting from your income (on paper). For instance: If John earns $100k but deducts $30k as exemptions, he will qualify A LOT less than Ashley who also earns $100k but only write off $5k. I have a few clients that earn well over 6 figures, because of how they file their taxes, are able to be approved for much, due to too much writing off. When you write off you are subtracting from your income, on paper.