- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Let's back up to income. When you are filling out the schedule C, at the top, it asks for income. In that location, it means total of all revenue from every source. When you are talking to a bank about income - it is Minh's answer above. So sorry for the confusion!
You want all income at the top and then list expenses, subcontractors, supplies, etc down under the actual category for each expense. The IRS uses those categories, with your income and location to determine your audit risk. Let me help with some links for business owners:
Small Business and Self-Employed Tax Center - complete guide
- About Schedule C (Form 1040), Profit or Loss from Business ...
- Publication 535, Business Expenses
- Publication 583, Starting a Business and Keeping Records
- Self-Employment Taxes
- Form 1040-ES, Estimated Tax for Individuals
- Deducting Expenses
- Recordkeeping
- Hobby or a Business.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 17, 2020
12:53 PM