topic I am being asked for "Gross Profit" for my self employment income. Is this profit minus cost of goods sold? What do I enter if I have no cost of goods sold? in Business & farm

I am being asked for "Gross Profit" for my self employment income. Is this profit minus cost of goods sold? What do I enter if I have no cost of goods sold?

d-i-ythat-swhy — Tue, 04 Jun 2019 00:16:11 GMT

What I currently sell has no direct cost attached to it, only operating costs (advertising). What do I enter for Gross Profit?

MichaelL1 — Tue, 04 Jun 2019 00:16:12 GMT

If you have no "Cost of Goods Sold (COGS)" then the gross profit will just the income on the Sch C business.

You are correct, it is Sales less "COGS".

Once the general expense are listed later for the business, then are then subtracted and this is the "Net Profit or Loss" from the business.