What a nightmare this has turned out to be over the past 24 hours. I work with a company and few months ago asked to be paid as a W2 so I could apply for a mortgage and get a place instead of spending $1200/mo in renting a 2bd apt.
So today talking with a loan officer at the bank, I'm basically fucked because they cant use my 1099 income because of my write offs (yeah I know, I should just pay taxes instead of trying to grow my business). Over the past two years I have dumped a LOT into development and software, as well paying for designs, etc. I know there is a high ROI on this, but it is not right away and I'm fine with that but paying for it in not getting a loan.
Anyway, it comes down to that I need to pay myself as a W2 instead of a 1099 or I don't stand a chance of getting the loan I'm looking for... anyone doing this now and what did you do to set this up?
I even tried to explain to the bank that I wouldnt spend so much on other expenses, but that was worthless as they dont care but what is on your taxes
