My new business has a gross profit of 80,000 but a net income of -14,000. Do I subtract those totals to get how much I made?

tenesha-mcgraw — Thu, 06 Jun 2019 15:19:17 GMT

This is how it works: When you enter your business in Tu...

IsabellaG — Thu, 06 Jun 2019 15:19:19 GMT

This is how it works:

When you enter your business in TurboTax, you'll start out entering your basic business information, like what kind of business this is, etc.,
Then, you enter all of your income, either from 1099's or from cash or however you were paid.
Then you enter all of your expenses, one category at a time.
TurboTax will ask you some more questions, then the program will calculate if you had a net profit (income greater than expenses) or a net loss (expenses greater than income).

You don't have to do any subtracting as long as you enter your figures correctly. Everything that goes into TurboTax should be the gross figures, not the net.

topic My new business has a gross profit of 80,000 but a net income of -14,000. Do I subtract those totals to get how much I made? in Business & farm

My new business has a gross profit of 80,000 but a net income of -14,000. Do I subtract those totals to get how much I made?

This is how it works: When you enter your business in Tu...