topic When reporting my cash income for my business do I report each job separately or all the cash i've made that year? in Get your taxes done using TurboTax

When reporting my cash income for my business do I report each job separately or all the cash i've made that year?

macintosh501 — Fri, 10 Jan 2020 21:19:09 GMT

Re: When reporting my cash income for my business do I report each job separately or all the cash i've made that year?

Anonymous — Fri, 10 Jan 2020 21:36:06 GMT

you can report the income as a lump sum which would be a lot easier and take less tine then reporting each item separately. only the total is transmitted to the IRS. just make sure you have a good accounting of all your revenue. and probably even check any 1099's you get against what you show as being received from them. probably small difference can be ignored, but large discrepancies need to be reconciled.

Re: When reporting my cash income for my business do I report each job separately or all the cash...

SusanY1 — Mon, 13 Jan 2020 16:15:33 GMT

As long as you are referring to jobs of the same or similar nature, you can include all of your income and all of your expenses together rather than making a separate entry for each job or project. Your income and expenses will be reported on a Schedule C, which TurboTax will prepare for you based on your entries. You can learn more about Schedule C by clicking on this link: What is Schedule C?

Also, there are some wonderful tips for small business owners in this TurboTax Help Video that you may find useful: Tax Tips for the Self-Employed.