Profit and Loss Statement

A Profit and Loss statement may be required if you’re self-employed and have not yet filed your tax returns for the previous year. This doesn’t happen often but could be required substantiate a trend in a business’s growth pattern and help us determine your Qualifying Income. A P&L can typically be created by your accounting software (like Quickbooks, Quicken, etc.) and it outlines the revenue and expenses of a business. P&Ls often mimic the Schedule C for the Sole Proprietors or the business tax returns for business owners. Below is a generic example of a P&L.

 

 

P&L Example