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Do I input total earnings or net sales for Income if i have a small boutique business

 
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3 Replies

Do I input total earnings or net sales for Income if i have a small boutique business

Schedule C income is the Gross Income before expenses.   Then you enter your expenses and Turbo Tax will calculate the Net Profit or Loss on Schedule C.   So enter the full gross amount.

DawnC
Expert Alumni

Do I input total earnings or net sales for Income if i have a small boutique business

Your total sales would be your self-employment income.  Then you will enter your expenses in the expenses section.   TurboTax will calculate your net profit (or loss) and apply the related self-employment taxes on that amount.  

 

How do I report income from self-employment?

 

Tax Guide for the Self-Employed: Everything You Need to Know

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Do I input total earnings or net sales for Income if i have a small boutique business

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