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Self Employment Profit and Loss Statement

Self‐employed businesses can have simple business expenses or complex expenses with many expenses categories. Many people create different formats for Profit and Loss (P&L) Statements based on the type of business they operate. If an applicant has a business license, or receives a 1099 at the end of the year – then they may submit a P & L statement as proof of their self‐employment income. If not, they may need to use an Affidavit.

The Healthy Families Program accepts documentation of self‐employment income either with a P&L Statement for the previous three months or the previous year’s Federal Income Tax Form 1040 with Schedule C.

The Statement must contain all of the elements required by HFP including, verbatim, the statement that “The information provided above is true and correct to the best of my knowledge.”

In addition, a valid P&L Statement must include the following:

• The business name, address, and phone number

• Gross income

• Itemized deductions, including cash draws, meals and entertainment and depreciation

• Net income for each month

• Signature of the person earning the income and the date.

Here are some important tips to keep in mind when calculating self‐employment income:

• The HFP does not include cash draws, meals and entertainment and depreciation as business expenses. The HFP adds these expenses back into the monthly income. These types of expenses are referred to as “Disallowed Expenses.”

• The HFP counts negative amounts as zero ($0).

• When a person has been self‐employed for two months and the P&L Statement is submitted for the two months they have been in business, HFP will add the income for the two months together and divide by two. The person should indicate on the P&L Statement that they have been self‐employed for two months.

Call us and we will help you complete your profit and loss statement, this process can be tricky and may delay the insurance for your children, contact us at 1866 682 9903 or simply fill out the assessment an agent will contact you within 24 hours.

Self Employment Profit and Loss Statement

In addition, a valid P&L Statement must include the following:

Here are some important tips to keep in mind when calculating self‐employment income:

Call us and we will help you complete your profit and loss statement, this process can be tricky and may delay the insurance for your children, contact us at 1866 682 9903 or simply fill out the assessment an agent will contact you within 24 hours.

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