Often, when you own a business the income is cash and not reported on 1099s. You should report the income from your business on Schedule C.
Here's how to report your business in TurboTax Online:
- Navigate to Federal > Wages & Income > Self-employment income and expenses > Start
- Answer "Yes" to the question "Did you have any self-employment income or expenses?"
- Give a description of the business, such as "Handyman Services" or a description of your choice
- Continue until the interview asks "how does your work fit into your big picture?", based on the information you provided, it's a side job and/or a business.
- Answer all the informational questions until you get to the screen "Let's enter the income for your work." Here, enter that you received common income- Other self-employed income, including cash and checks; then enter what you were paid.
- Once you've entered your income, type in your expenses in the proper categories, TurboTax Online will recommend popular categories, but refer to your records to ensure you are deducting all of your expenses
