You
would just total up all cash, checks, and credit card income deposits that you
received as income in 2016 and enter them, along with your business expenses,
on your Schedule C in Turbo Tax.
Log
into your tax return.
Use
the search box in the upper right hand corner.
Type in "Schedule C" in
the box.
This will bring up the "Jump to Schedule C" link...click that link.
From
here TurboTax 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 your
income (this is where you can lump all your income together, or
list the specific types...cash, check, or credit card income and put it
in General Income). Once you've entered your income and
clicked Done and/or Continue.
Turbo
Tax will bring you to the screen for you to choose what expenses you would like
to enter onto your tax return
Option 2
Salon income is considered self-employment income and you have to complete a
Schedule C which is found in TurboTax Home and Business (desktop) or
TurboTax Self-Employed (online).
To
enter this in TurboTax Self-Employed (online) or TurboTax Home & Business
(desktop):
- Start under the Business tab
- How do you want to enter your
business income?, then I'll choose what I work on
- In the "Business
Income and Expenses"
section, next to "Profit or Loss from Business", click Start or
Update
- The next screen will ask
"Did you have any income and expenses for a business in 2016?". Answer Yes.
- Follow the interview until
you reach "Let's confirm your business info". Verify everything is
accurate, then Continue
- Enter Business
Information, click Continue
- Tell us about
your business, click Continue
- Enter Employer ID
Number, If Any, click Continue
- Do you use the cash method of
accounting to run your business?, click Continue
- Did you make any payments
that required you to issue a form 1099?, click Continue
- Do any of these uncommon
situations apply to your business?, click Continue
- Let's confirm your business
info, click Continue
- Your Business page
- Go to Business
Income
- Business Income, then
Click Start.
-
General
Income, click Start
- Tell us about additional
income (Please note: it states Make sure to include any income
reported on Form 1099-K and income from a barter or exchange)
- Type in your
description, click Continue
