topic Self employed income in Get your taxes done using TurboTax

Self employed income

Al59 — Sat, 30 May 2020 19:06:32 GMT

I'm self employed. Of a customer pays me 10,000$ to do a concrete driveway do I claim all of the money or just what is left after purchasing concrete. The concrete stays on their property so I should deduct that from my income, right?

Re: Self employed income

Texas Roger — Sat, 30 May 2020 19:23:07 GMT

You will complete a Schedule C to enter your gross income and expenses. You enter the entire amount of the gross income in Part I and you enter the expenses in Part II or Part III. The cement and other materials used to prepare the driveway would probably be entered in Part III for Cost of Goods Sold as Materials and Supplies.

I don't see what version of TurboTax you are using but you will need Self Employed to enter this information using the online product or any of the CD/download products.

Re: Self employed income

Carl — Sat, 30 May 2020 19:40:42 GMT

All income received by your business for *any* reason is reported in the business income section. Every single penny.

All expenses paid by your business for *any* reason is reported in the business expense section.

Your taxable business income is determined by the program, by deducting your business expenses from your business income.