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Retirement tax questions
I saw a different answer to the same question on this site that stated that business owners who collect sales tax should include those dollars in the gross income (as indicated on the 1099K form) and then list the sales tax amount under Tax & License expenses. That seems like a great way to avoid reporting a different income than what is shown on the 1099K form, but TurboTax did not list "state sales tax" as an example of appropriate items to be listed in the "Tax & License Expenses" section. Which is the safer way to go: not including sales tax collected in the gross income figure as recommended here or including sales tax collected in gross income but also listing the amount collected & paid in the Tax & License Expenses section as recommended elsewhere on this site? Thanks for you help!
‎June 4, 2019
9:51 PM