To enter self-employment income and associated expenses in TurboTax follow these instructions:
1. Log into your TurboTax account and choose the Federal menu option
2. Choose Wages and Income
3. Look for the Self-employment income and expenses menu option and click on Start or Review
4. Answer the general questions about the functions of your business
5. Eventually you will be asked to enter your business income and expenses
6. If you purchased furniture and equipment enter those in the Assets section
7. If you use a company car, enter that in the Vehicle section
8. If you use a home office, enter that in the Home Office section
When you are done, TurboTax will display your taxable income from the business. As a sole-proprietor, you will be subject to a self-employment tax of about 15% on your net business income in addition potential income taxes. You may also qualify for a Qualified Business Income Deduction (QBI) of up to 20% of your net business income.
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