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Get your taxes done using TurboTax
You can report your cash payments in Schedule C, as business income. To set up your business:
- Open (continue) your return, if you don't already have it open.
- Inside TurboTax, search for schedule c and click or tap the "Jump to" link in the search results.
- Answer Yes to Did you have any self-employment income or expenses? or Did you have any income and expenses for a business in 2017? and follow the onscreen instructions.
In the interview, you will come to a screen that asks what the sources are: 1099-MISC, 1099-K, cash or checks, etc. Click on the cash button and continue - you will be able to enter the name of the source of the cash and how much it was.
As you continue the interview, you will be asked if you had any business expenses. If you do, you may be asked to upgrade, but, of course, the expenses reduce your income and your tax so it usually works out better for you.
‎June 3, 2019
11:35 AM