Latest news with #W2
Washington Post
14-05-2025
- Business
- Washington Post
Help! My son's Social Security number was stolen. Now he has a fake W-2.
For many, the anxiety around taxes extends beyond the traditional April 15 deadline. As official notices from the IRS begin to arrive, a different kind of worry takes hold — the unsettling prospect of an unresolved issue, an unexpected tax bill, or questions about a return. This was the case with two readers calling into my Ask Post line looking for advice. One involved a late return; the other, an erroneous W-2.
Yahoo
08-05-2025
- Yahoo
San Angelo airport director reminds passengers are now required to be REAL ID compliant
SAN ANGELO, Texas (Concho Valley Homepage) —Texas residents with upcoming travel plans are now required to present what is called a REAL ID to be able to board an airline. Justin Fletcher is the San Angelo Regional Airport Director and says passengers should double-check if their IDs are compliant before going to the airport. 'What that means for passengers when you are coming through the airport, if you are a Texas resident, it simply means that your driver's license has to have the gold star in the top right-hand corner,' Fletcher said. The Texas Department of Public Safety reports that as of this month, the state of Texas is 98% compliant compared to other states reporting compliance in the teens. If you do not see that gold star on your license, it's time to make the change, as Fletcher says a non-compliant ID could cause some delays at airport security. 'If you are flying without a REAL ID…you haven't had your ID transferred over just be aware there will be additional screening required…if you do have a REAL ID or you have a passport you'll be able to flow right through security,' Fletcher said. In Texas, the department of public safety does not allow expedited appointments to obtain your REAL ID. Fletcher says there are other documents that you can present in place of a REAL ID to prove your identity. 'You'll need to provide a document that has your social security number on it…so a W2 or a pay stub…any of those documents that indicate your social security number,' Fletcher said. Fletcher says that San Angelo is a smaller community, and he has seen little to no passengers out of compliance. He still stresses the importance of having a REAL ID to make the boarding process easier for the passenger and TSA officers. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. For the latest news, weather, sports, and streaming video, head to
CNBC
01-05-2025
- Business
- CNBC
How to get a mortgage if you're self-employed
Applying for a mortgage can be difficult, especially for people with nontraditional income sources, like self-employed workers, small business owners, gig workers, freelancers and anyone else who doesn't receive a W2 from an employer. "The typical mortgage broker has a checklist," Keith Hall, president and director of the National Association for the Self-Employed (NASE), told CNBC Select. "They want to see how long you've been at your existing job, as well as two years' worth of pay stubs." When you're self-employed, "your income isn't as even as someone who gets a regular paycheck," Hall added. So, self-employed workers must "paint a story" of their business and its future, he said, to assure lenders that they're creditworthy. Sole proprietors, independent contractors, partners in a business, gig workers or those who own a business part-time are all considered self-employed, according to the Internal Revenue Service. Generally, anyone who brings in income by doing work that's not documented on a W2, is considered self-employed. Most borrowers want to see that you've been self-employed for at least two years before they consider you for a mortgage. In addition to the documents that everyone needs to apply for a mortgage, such as bank statements and identification, self-employed applicants will also need to provide additional documentation to potential lenders. You'll need to show how you earn your income. You can do this by getting a letter from a certified public accountant, showing your business license or proof of business insurance. If you're a freelancer, a letter from a professional organization verifying your membership or a letter from a client will also suffice. Lenders also want to know as much as they can about the state of your business. You should provide them with bank records, profit-and-loss reports and cash-flow statements from the past two years. Hall said you may also want to include documents from your accounting software, such as QuickBooks. Lenders will also need to see your tax returns for the past two years as well as tax forms, relating to your business type — Schedule C for most LLCs and some sole proprietorships, Form 1065 for general partnerships and Form 1120 for C Corporations or S Corporations. You'll make a stronger case if you can show that your business is expected to grow, Hall said. So bring your business plans for the next few years. You can reach out to a self-employment or small business expert through NASE, the Small Business Administration or the Internal Revenue Service to ensure you have everything you need for your mortgage application. If you're self-employed or have unpredictable income, you'll have a better chance of being approved for a non-qualifying mortgage (non-QM), home loans that have have more flexible terms and accept non-traditional income sources. Examples of non-QM loans for self-employed borrowers include: Bank statement loan: A bank will consider your mortgage application based on your bank statements for the past two years rather than your income tax forms, such as a W-2. Profit-and-loss loans: A bank will consider your mortgage application based on your business' profit-and-loss statements rather than your income tax forms, such as a W-2. Investor cash flow loans: Also known as a debt service coverage ratio (DSCR) loan, this type of mortgage is specifically for real estate investors. A bank will consider your mortgage based on your rental analysis, rather than income or even employment verification. CrossCountry Mortgage offers all three, as well as several down payment assistance programs. Fixed-rate and adjustable-rate available, apply online for rates. Conventional loans, FHA loans, VA loans, USDA loans, Jumbo loans, manufactured home loans Apply online for terms 620 for conventional loans, 500 to 580 for some government-insured loans 3% New American Funding also provides non-QM loans to self-employed applicants. Borrowers can qualify using bank statements, profit and loss statements or tax returns. Apply online for rates. Conventional, FHA, USDA, VA, jumbo, refinancing, home equity loan, reverse mortgage 10- and 30-year fixed-rate terms and various adjustable-rate terms 620 0% for VA or USDA loans, 3% for conventional, 3.5% for FHA If you're worried a lender will take one look at your financials and reject your application, there are steps you can take to increase your chances. Local banks are much more likely to provide loans to local small business owners, Hall said. "The smaller community banks are more involved in the community," he said. "If you're operating a plumbing operation or a small restaurant, there's a reasonable chance that a banker has been to your restaurant. They're more familiar with the community." Lenders consider an applicant a safer bet if they make a larger down payment and have more savings in reserve. This shows lenders you have steady income and a lot of cash savings. The average down payment for first-time homebuyers is 9%. If you don't have a lot saved, consider down payment assistance programs. You can also make yourself a more attractive applicant by raising your credit score. Most lenders require a credit score of 620 for a conventional mortgage, but borrowers with a score of 760 or higher typically get the best rates. All three credit bureaus — Experian, Equifax and TransUnion — consider payment history, debt repayment and your credit utilization rate when determining your rate. By making on-time payments, paying off debts in full, catching errors on your credit report and keeping your credit utilization under 10%, you can significantly improve your credit score in a short amount of time. Separate your work and personal life — that goes for your finances, too. This makes it simpler for lenders to assess your business income and your personal finances. According to the Small Business Administration, you can do this by opening a business bank account, getting a Data Universal Numbering System number (which allows you to build credit for your business) and getting a business credit card. If all else fails, you may want to ask a loved one to cosign a loan with you. This means they promise to pay the lender if you fail to make the payment. Being a co-signer is risky and consequential. A cosigner is responsible for repayment but does not own a portion of the house. It also impacts the cosigner's credit score. Yes, but it will require additional paperwork, including financial documents, tax documents and future business plans. Typically, you should be able to show two years of steady work or self-employed income to be considered for a mortgage. Yes, getting a home loan as a self-employed person can be more difficult. However, there are banks that provide non-qualifying mortgages that don't require W2s. Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Yahoo
24-04-2025
- Automotive
- Yahoo
PennDOT addresses questions about documents needed for Real IDs
Harrisburg, Pa. (WTAJ) — If you have questions about getting a Real ID, you're not alone. The most common question Pennsylvanians are asking is: What do I need to take with me and what happens if I don't have it. Mike Carroll, Secretary of Transportation, said one requirement many people are asking about is their social security card. If it's lost, he said you can bring any documents that show your full social security number, including a W2 or a 1099 tax document. Free license plate replacement events to take place in Central Pennsylvania Carroll is also encouraging drivers to be patient because DMV's are seeing a surge of people trying to get their Real ID before the enforcement date of May 7. He also said that if you're not in a rush to get a Real ID, it may be be 'Real IDs have been available in Pennsylvania for over six years, and, they will still be available after May the 7th. So if you don't have immediate travel plans or you already have a valid passport, maybe hold off for a few months until the rush dies down,' Carroll said. To get a Real ID, Pennsylvanians will also need to bring a second proof of identity, such as a birth certificate or current driver's license, two proofs of Pennsylvania residency such as a utility bill or lease agreement, and any documentation for name changes, such as a marriage certificate. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
10-04-2025
- Business
- Yahoo
City council halts delayed IT system launch
A major overhaul of IT services at a council is years overdue and its launch date has been pushed back five times, the BBC can reveal. Norwich City Council is embroiled in a legal dispute with the contractor, Civica, and has sought compensation. The £1.3m project is now suspended, though the council says it is looking for a "positive outcome". Civica said "active discussions" were taking place. The council had been trying to implement a new system called Civica D360, a workflow management tool covering benefits, council tax, revenues, business rates and housing. A new contract with Civica (UK) Ltd started in April 2022 and D360 was due to go live a year later. Progress reports released under the Freedom of Information Act (FOIA) have revealed a catalogue of setbacks as staff and contractors struggled with technical issues and problems migrating data from the council's old system, known as W2. The contract specified that 2.5 million documents would need to be transferred. "The system has had stability issues," according to one report, which continued: "Whilst issues have been fixed, other issues appear." The project status has now been downgraded from a risk rating of "amber" to "red". By the end of last year, six major technical problems - described as showstoppers - remained, alongside "70 other issues pending resolution". In November, the council's executive decided to pause the project when it became clear an updated version with fixes would not be ready by an agreed deadline. There were continued talks between the council and Civica at this time and to compound matters, the decades-old W2 system that was due for replacement would need upgrading, as otherwise it would be unsupported. Civica has held a contract with Norwich City Council for the past 20 years to provide and support W2, and a new agreement was reached after it offered the updated D360 system. One person familiar with the situation described it as "depressing and embarrassing". They said: "Initially it looked good but it quickly became obvious that the system did less and wasn't anywhere near finished. "Instead of looking at alternatives, the council has double-downed and spent a fortune. "It often feels like IT policy is just made up on the spot. A Norwich City Council spokesman said: "We are continuing to have legal discussions with our contractor for this service and we are hopeful that a positive outcome will be agreed by both parties in the coming months." The authority would not comment further, owing to legal discussions. Civica said: "Norwich City Council is a highly valued and longstanding customer, using fully supported Civica products. "We remain engaged in active discussions with the council and are fully committed to achieving a positive outcome for both parties." Follow Norfolk news on BBC Sounds, Facebook, Instagram and X. Norwich City Council Civica
