I just started a business and on the profit and loss, do I subtract my receipts and expenses from what I've made? Also, what do I put on the net business income?

garrettjess07 — Sat, 01 Jun 2019 03:21:08 GMT

The good news is that TurboTax Self-Employed is going to...

MichaelMc — Sat, 01 Jun 2019 03:21:10 GMT

The good news is that TurboTax Self-Employed is going to calculate your net business income for you!

In the Business tab, select Guide me through everything.

Answer the preliminary questions about your business name and address, and when your started your business. You will also be asked about whether you have any employees, whether you have an EIN, if you need to issue Forms1099-MISC to persons you paid, etc.

After completing these preliminaries, you will come to a screen titled Your business. This will be your home base, from which you can choose the information you need to enter. AT a minimum, be sure to enter Business income and Business expenses. If you purchase items for resale, complete the section on Inventory / Cost of goods sold. If you bought assets to use in your business (equipment, computers, cash registers, shelving, etc.), complete the section on Business assets.

Follow through all the parts of the interview and complete the business section of your tax return, Then, move on to the Personal tab and complete the remainder of your tax return. If you have a state income tax, the business and personal information will all be transferred into your state tax return seamlessly.

topic I just started a business and on the profit and loss, do I subtract my receipts and expenses from what I've made? Also, what do I put on the net business income? in Business & farm

I just started a business and on the profit and loss, do I subtract my receipts and expenses from what I've made? Also, what do I put on the net business income?

The good news is that TurboTax Self-Employed is going to...