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View Full Version : How to prove I "work for" Apple?




detz
Apr 16, 2009, 04:22 PM
Hmm, We're purchasing a loan and the bank wants proof that I'm contracting from Apple because they noticed large deposits and they want to make sure it's income and not a loan or something else. Does the contract(which I can't find) say anything, how can I prove this?



synth3tik
Apr 16, 2009, 04:30 PM
Doesn't Apple send iPhone devs at least an email monthly or quarterly that shows what you made in sales of the app. I mean when I get royalties for my music I may not know exactly what is what but it does give me a break down so I can say "X amount was from radio", etc. etc.

If Apple didn't give you anything I couldn't imagine how hard it would be to figure out your earnings. I struggle with that myself, but I am getting full break downs on a monthly basis.

mccannmarc
Apr 16, 2009, 04:37 PM
That's ridiculous, Tell your bank to get their heads from up their arse and actually look where the payments came from! I've never heard of a loan company called Apple!

detz
Apr 16, 2009, 04:40 PM
That's ridiculous, Tell your bank to get their heads from up their arse and actually look where the payments came from! I've never heard of a loan company called Apple!

Yeah, it's stupid but they want to make sure and if I can't prove it they wont give me the money. :-( I've printed my financial reports that Apple gives me that shows the breakdown of where the money came from so I'm hoping that proves it.

dejo
Apr 16, 2009, 04:47 PM
Hmm, We're purchasing a loan and the bank wants proof that I'm contracting from Apple because they noticed large deposits and they want to make sure it's income and not a loan or something else. Does the contract(which I can't find) say anything, how can I prove this?
Well, just to be clear, you don't work for Apple and are not contracting for them. You are self-employed in this regard. There is a contract in place between you and Apple but it is not any kind of guaranteed income. Still, if you need a copy of your contract, I'd shoot Apple an email at devcontracts@apple.com and ask for one.

Anyways, if you had a loan with Apple, this loan company should be aware of that through your credit report.

ninjadex
Apr 16, 2009, 05:35 PM
Tell them you work for the mob. That ought to fix it.

Luke Redpath
Apr 16, 2009, 09:06 PM
Hmm, We're purchasing a loan and the bank wants proof that I'm contracting from Apple because they noticed large deposits and they want to make sure it's income and not a loan or something else. Does the contract(which I can't find) say anything, how can I prove this?

You are neither working for or contracting for Apple. There is no form of employer/employee relationship between them or you. They are simply selling goods (possibly construed as services depending on your local revenue system) on your behalf; you are in business on your own account. I hope you realize this!

detz
Apr 16, 2009, 09:23 PM
You are neither working for or contracting for Apple. There is no form of employer/employee relationship between them or you. They are simply selling goods (possibly construed as services depending on your local revenue system) on your behalf; you are in business on your own account. I hope you realize this!

I realize this...but the bank doesn't. They see large deposits from APPLE and I need proof that this was not a loan and in fact income.

pilotError
Apr 16, 2009, 09:29 PM
Are you an S-Corp or an LLC? How are you managing the income? You had to have just created your Taxes, I would think a copy of your Tax Documents would be sufficient.

detz
Apr 16, 2009, 09:38 PM
Are you an S-Corp or an LLC? How are you managing the income? You had to have just created your Taxes, I would think a copy of your Tax Documents would be sufficient.

I do everything under my social, sole-proprietorship. My 2008 taxes only had like $2800 in income from Apple, the large deposits were in 2009 so they have not been filed yet.

The only thing I can find that would prove anything is my Tax page on iTunes connect and the financial reports I can download.

jnic
Apr 17, 2009, 03:44 AM
Do you mind if I ask which bank you're with? Always good to know whom to avoid...

detz
Apr 17, 2009, 07:10 AM
Do you mind if I ask which bank you're with? Always good to know whom to avoid...

I don't know, it's through a broker, I'm sure it's on my paper work somewhere but I don't think this is a specific bank thing. If you're applying for hundreds of thousands of dollars in loans I'm sure any bank will question where some large deposits came from.

firewood
Apr 17, 2009, 10:41 AM
Hmm, We're purchasing a loan and the bank wants proof that I'm contracting from Apple because they noticed large deposits and they want to make sure it's income and not a loan or something else. Does the contract(which I can't find) say anything, how can I prove this?

You clicked through several of the contracts and agreements (4 or 5) to get your app into the store. Apple may have even emailed you the final contract schedule. Try signing up again from a brand new ADC account to see and download the all the other contracts again. Apple also has a phone number. Give that to the bank.

Luke Redpath
Apr 17, 2009, 11:47 AM
I realize this...but the bank doesn't. They see large deposits from APPLE and I need proof that this was not a loan and in fact income.

Then your bank sounds pretty stupid if you ask me. Change banks.

nottooshabby
Apr 17, 2009, 11:53 AM
I'm worried about this too as I will probably be buying a house this summer. I have a "real" job that pays well, but I also have income from the apps I sell. Even if you don't claim the income from your apps on your mortgage application to qualify for the loan, anytime a underwriter for a mortgage sees large deposits going into your account they want to find out where those came from. They want to determine that you are not borrowing money that needs to be paid back, and thus impacting your overall financial situation.

Please keep us posted on this as I will probably run into the same issue. This is not a stupid bank, I can almost guarantee any bank will ask you to verify large deposits when they are underwriting your loan.

Tell your bank that you don't work for Apple anymore than Britney Spears does. She probably has large deposits from apple as well.

GoCubsGo
Apr 17, 2009, 12:25 PM
Yeah, it's stupid but they want to make sure and if I can't prove it they wont give me the money. :-( I've printed my financial reports that Apple gives me that shows the breakdown of where the money came from so I'm hoping that proves it.

Know your rights, get your cash, switch banks now.

pilotError
Apr 17, 2009, 12:44 PM
You guys should really consider opening an LLC. It will cost you anywhere from $250 - $500 and will allow you to do things like write of hardware. It also allows you to separate your normal job from the software sales. It's much easier to show the income that way than struggle with searching for Apples paperwork.

What would you do if the IRS came knocking on your door?

dejo
Apr 17, 2009, 01:21 PM
What would you do if the IRS came knocking on your door?
Pretend I'm not home? :D

admanimal
Apr 17, 2009, 03:47 PM
You guys should really consider opening an LLC. It will cost you anywhere from $250 - $500 and will allow you to do things like write of hardware. It also allows you to separate your normal job from the software sales. It's much easier to show the income that way than struggle with searching for Apples paperwork.

What would you do if the IRS came knocking on your door?

You can write off business related expenses regardless of whether you form an LLC or not.

nottooshabby
Apr 17, 2009, 04:52 PM
You can write off business related expenses regardless of whether you form an LLC or not.

Ditto that. I wrote off my computer, ipod, iphone, part of my cell phone bill, internet, webhosting on my schedule C, Adobe CS4, etc. These were of course all depreciated correctly by turbotax(i hope) and prorated by the amount of time they are used for business. It's pretty cool when you can write off an iPod for business use, :)