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EM615
Level 2

Other Self-Employed Income and Supply Cost

Own a single member LLC (online clothing store), and filing using cash method.  No profit yet after deducting shipping costs and advertising.

 

- When filing through turbotax, do I enter my sales income when asked to enter "Other self-employed income".  Basically just what my profit is after subtracting the cost I paid for the clothing? For example if my Total Sales are $7000, and my cost to purchase the sold clothing is $4000, my total profit would be $3000 and I should enter that under "other self employed income"?

 

- Also, Under expenses, do I just add supplies (for the cost I paid for the clothing)?  

 

1 Best answer

Accepted Solutions
JeffreyR77
Expert Alumni

Other Self-Employed Income and Supply Cost

TurboTax is designed to allow you to transfer information easily from your bookkeeping records. 

 

You will enter the Total Sales information:

 

Then you will be able to enter your expenses in as much detail as you have tracked in your bookkeeping records:

 

You can work your way through the self-employed interview and be confident that you will not miss any allowable expenses that will reduce your tax bill.

View solution in original post

1 Reply
JeffreyR77
Expert Alumni

Other Self-Employed Income and Supply Cost

TurboTax is designed to allow you to transfer information easily from your bookkeeping records. 

 

You will enter the Total Sales information:

 

Then you will be able to enter your expenses in as much detail as you have tracked in your bookkeeping records:

 

You can work your way through the self-employed interview and be confident that you will not miss any allowable expenses that will reduce your tax bill.

View solution in original post

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