1987655
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Schedule C Part 1

 I have been operating an online clothing store (single member LLC). I am filing my taxes  using the cash method. I have yet to make a profit (after shipping costs and advertising are deducted). For Part 1 of schedule C, do I enter my sales profit (after subtracting the cost of my merchandise) or should I be entering my total sales before the cost of the merchandise is deducted. For example, if I have made $8000 in sales but after the cost of merchandise is subtracted my profit is $4000. Which number would I enter into Part 1 of the schedule c? Hope my question isn't too confusing. Thank you for your help!

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
CatinaT1
Expert Alumni

Schedule C Part 1

You want to enter your gross profit.  The $8000 will show as income and expenses will show as $4000, to get a net profit of $4000.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question