Other Self-Employed Income and Supply Cost

[EM615]

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)?  

[JeffreyR77 · Accepted solution]

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.