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I owned a small business but did not pay myself a salary. How do I enter my companies income?

I own a sole proprietorship.
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NicoleU
New Member

I owned a small business but did not pay myself a salary. How do I enter my companies income?

Any income you received from selling products or for services you provide. This income may be reported on forms you received from clients or customers, such as Forms 1099-MISC as well.

Schedule C, Profit or Loss from Business is an IRS form filed by sole proprietors and other self-employed taxpayers. This form will tally up the business's income and expenses, and then the net income (or loss) will flow from Schedule C to Form 1040, Line 12.

In order to report this income within your return, you will need to go to the Business tab, Business Income and Expenses, click Start/Update, then you will answer a series of questions related to your Business profile.

Then you will report the income within Business Income, click Start/Update. If you did not receive a Form 1099-Misc, then report the income under General Income.

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