“Paying as Little as you can on Your Income Tax can come back to Hurt YOU”

“Paying as Little as you can on Your Income Tax can come back to Hurt YOU”




Hello Joe,

     I've got to tell you I'm pretty embarrassed about how pathetic my income looks on my tax return.  Which by the way I was only able to find 2015, and Im still looking for 2014, and Deans returns as well.  I had everything on my other computer which died, that was extremely disruptive for more than just the tax return as you can imagine. To make this just a little more pressing we need to unfortunately figure this out by November 13th.


I’m all about saving as much money as I can on my income tax but some take this process to an extreme. Very often it is because they may be thinking they will not need a mortgage in the future.


Once I review the numbers on two years of tax returns I will have a much better idea as to what is possible. Hopefully the math will work but it doesn’t sound good.


For anyone self-employed, make sure you think ahead and plan for what your borrowing needs may be in the future. At least talk to a mortgage professional, like myself to make sure you are on the “Right Trac”.  


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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com



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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comment balloon 12 commentsJoe Petrowsky • October 06 2016 12:32PM


Great point, Joe. More than once I've seen people who are not salaried shoot themselves in the foot when it came to qualifying for a mortgage because of how they accounted for their earnings.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (RE/MAX Executive | Charlotte, NC) over 1 year ago

Excellent point made with this post, Joe Petrowsky . I have encountered this situation on more than one occasion!

Posted by Sandy Padula and Norm Padula, JD, GRI, Presence, Persistence & Perseverance (Realty National) over 1 year ago

This is good information for self emplyed people thinking of buying a home.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 1 year ago

Good morning, Joe Petrowsky ... every positive has a negative!!!!! self employed's need to understand this...

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) over 1 year ago

Good morning Joe. Sometimes too much of a good thing can come back to haunt you! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) over 1 year ago

Hi Joe Petrowsky - I have seen many self-employed people unable to qualify for a loan. You are right - They need to plan ahead for their future mortgage needs.

Posted by Sheri Sperry - MCNE®, (928) 274-7355 ~ YOUR Solutions REALTOR® (Coldwell Banker Residential Brokerage) over 1 year ago

Yes, I too look pathetic.  When I am ready to purchase, I plan 2 years prior a little better to put me in a position to purchase something major.

Posted by Stella Barbour, Principal Broker, Serving Virginia and Maryland (NoVa Brokers LLC) over 1 year ago

Joe Petrowsky This is a very sad commentary on our system. We should be able to prepare our taxes to pay as little as legally possible without losing our ability to function in the economy.

A good mortgage guy would have a product for these people.

Bill Roberts

Posted by Bill Roberts, "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) over 1 year ago

The tax code is so onerous it leaves most people confused...

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) over 1 year ago

This is nothing to fool with or take chances. It ALL catches up with you!

Posted by Patricia Feager, Selling Homes Changing Lives (DFW FINE PROPERTIES) over 1 year ago

Joe Petrowsky - I wonder what percentage of the work force is self-employed? You would think that rules would be a little differnt for us? After all, many work where they live which partly becomes tax deductible, but guess it lowers our "income".

Posted by Hella M. Rothwell, Broker/Realtor®, Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea over 1 year ago

I have heard this same sentiment stated by my local mortgage lender. It looks like you don't make money when you don't pay taxes.

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) over 1 year ago