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)?