EM615
Level 2

Other Self-Employed Income and Supply Cost

Own a single member LLC (online clothing store), and filing using cash method.  No profit yet after deducting shipping costs and advertising.

 

- When filing through turbotax, do I enter my sales income when asked to enter "Other self-employed income".  Basically just what my profit is after subtracting the cost I paid for the clothing? For example if my Total Sales are $7000, and my cost to purchase the sold clothing is $4000, my total profit would be $3000 and I should enter that under "other self employed income"?

 

- Also, Under expenses, do I just add supplies (for the cost I paid for the clothing)?  

 

JeffreyR77
Expert Alumni

Get your taxes done using TurboTax

TurboTax is designed to allow you to transfer information easily from your bookkeeping records. 

 

You will enter the Total Sales information:

 

Then you will be able to enter your expenses in as much detail as you have tracked in your bookkeeping records:

 

You can work your way through the self-employed interview and be confident that you will not miss any allowable expenses that will reduce your tax bill.

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