Re: Self employed

I own my company and haven't been paying myself a "salary". How should I claim it on my schedule C? Should I claim all the revenue as wages?

posted

If you are self-employed, reporting your income on Schedule C of the 1040, then you don't pay yourself a salary.

Your income is entered and is reduced by any applicable expenses. The result is your net profit/loss.

The profit is then your taxable income from the business.

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Self employed