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retagzthriftstor
New Member

In business income, do I report net sales or net income? I have already added my expenses.

 
4 Replies
Critter
Level 15

In business income, do I report net sales or net income? I have already added my expenses.

On the Sch C you will enter either  GROSS income  and take the sales tax as an expenses  OR   NET income ( gross - sales taxes ) ... either is correct just be consistent.
retagzthriftstor
New Member

In business income, do I report net sales or net income? I have already added my expenses.

Thank you! That makes sense.
sparky4
New Member

In business income, do I report net sales or net income? I have already added my expenses.

TurboTax only prompts for 1099's! How do I enter net income?
KrisD
Intuit Alumni

In business income, do I report net sales or net income? I have already added my expenses.

Net income, but not net profit.

Net income could include interest income as well as the sales income.

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