I own a small business. On my federal it is asking for my income from a 1099. Do I put my gross receipts for my business even if I took no money out of the business?
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I own a small business. On my federal it is asking for my income from a 1099. Do I put my gross receipts for my business even if I took no money out of the business?
I own a small business. On my federal it is asking for my income from a 1099. Do I put my gross receipts for my business even if I took no money out of the business?
You enter all the income then enter your actual expenses. The Net Profit or Loss is your personal Income. You don't pay yourself when you have a small business or self employment income. You are not an employee of your own business.