If my husband and I own a business and it is an LLC, are we considered self employed?

Yes. As owners of the entity that pays you your salary, you are considered self employed. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

First , what type of a business?? Do you have a accountant or payroll person that pays you directly? Are there taxes taken out ? Normally a self employed person will get paid on a 1099..form... .

Yes.. Anytime you own a business where your percentage of ownership is greater than 25% you are self employed even if you pay yourself a salary or wage. When applying for a mortgage, you will need to provide 2 years tax returns, and the lender will only consider your adjusted gross income.. This makes it difficult for new business owners trying to purchase a home, because the first few years with a startup business will normally show a loss.. And the lender will take a 2 year average to come up with your income.. if you pay some of your personal debt through the business, such as car payments or credit card payments, then you won't be hit twice, and they can add back in those expenses as income.. the only way to be sure if you qualify or not is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Yes you are considered self employed. William gave you great information. All the best!

Yes, you would be considered self employed even if you issue W2s to yourself. I would expect that you also generate K-1s at the end of the year (S-Corp designation?). Generally, the most recent 2 years federal tax returns are required for income documentation.We are a mortgage company in Charlottesville, VA and would be happy to help. Feel free to call or email anytime.Jason Crigler, Crown Mortgage. jason@crownmortgage.com, 434-975-5626 x111