No, as the previous answers have stated, you need to claim your income first, next claim your expenses.
Also enter your assets, things you bought to use for the business, such as equipment and perhaps a business vehicle. Those things will be depreciated (you can't "not depreciate" assets) and that matters yearly, since depreciation lowers your profit, and also when you sell that business asset.
The IRS wants a trail for the income. It one Taxpayer claims a payment they made to you as an expense, the IRS will want to see that amount claimed as income by you. (You don't enter all payments separately unless they are reported on a tax form to you, such as a 1099-NEC)
Depending on the type of business, not having separate expenses listed can be a red flag to the IRS.
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