Unfortunately,
you'll have to upgrade from Turbo Tax Premier, to Turbo Tax Self-Employed to be
able to enter all your business income and expense items. Also, keep in mind
that the cost of the Turbo Tax Self-Employed is a business expense that would
be included with your other business expenses. Once you upgrade, and assuming
that If you are running this business as a Sole Proprietorship, then follow
these steps in Turbo Tax to enter your income and expenses onto Schedule C of
the Form 1040:
- Log into your tax return.
- Use the search box in the
upper right hand corner. Type "schedule c" in the box and press
enter.
- This will bring up the
"Jump to schedule c" link...click that link.
- From here Turbo Tax will ask
you some specific questions about your business. You'll be led through a
different screens asking you more questions regarding your business.
- You'll also be taken to a
screen to enter you income. If you have not received a 1099 for your income, then you may have to go through your bank statements to total all the payments you received throughout the year. Or, if you know how much you received...then enter that amount.
- Finally, Turbo Tax will bring
you to the screen for you to choose what expenses you would like to enter
onto your tax return.
