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userdamon
New Member

For cash income for a small business do I need to input every single transaction line by line or just the total income?

First year as a small business owner and trying to figure out taxes. I use quickbooks for my bookkeeping and, amazingly, it doesn't sync with turbotax so I have to input all income manually.

When reporting cash income (all of my income) do I report it one transaction at a time or do I input the total?
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1 Reply
HelenC12
Expert Alumni

For cash income for a small business do I need to input every single transaction line by line or just the total income?

Enter the total amount of cash income, not each individual transaction, in TurboTax. 

To enter cash self-employment income:

  1. Open your return and type Schedule C in the Search box. Select the Jump to link.
  2. This will take you to where you can enter any cash, personal checks, credit card payments, or cryptocurrency (Form 1099-K) related to your self-employment.
  3. You may first be asked some general questions about your business. After you answer them, you’ll be taken to the Let's enter the income for your work screen.
  4. Select Other self-employed income and provide all necessary information.
  5. Continue with the onscreen interview until complete.

Additional information: 

  • If it's directly related to the work you do, you can deduct it as an expense.
  • Work-related expenses reduce your taxes by lowering the amount of self-employment income you get taxed on. For example, if you made $50,000 in self-employment income and had $5,000 out-of-pocket expenses, you'd only get taxed on $45,000. Click here to review the entire TurboTax FAQ.

For state-specific questions regarding your work, click here to find your state’s Department of Revenue.

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