- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
Some more clarification is needed to answer your question correctly - Did you take distributions of profits or issue yourself a W-2?
If it is a W-2, then you report it under wages on your 1040 and deduct it on your Schedule C, Line 26.
If it is a distribution, then that is also a balance sheet item and would not be reported on a Schedule C. You are being taxed on your net profit on your Schedule C.
**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, 2021
12:51 PM