TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 1

Solved

Self employed income

Forum|Forum|6 years ago
May 30, 2020
2 replies
45 views

I'm self employed. Of a customer pays me 10,000$ to do a concrete driveway do I claim all of the money or just what is left after purchasing concrete. The concrete stays on their property so I should deduct that from my income, right?

Best answer by Texas Roger

You will complete a Schedule C to enter your gross income and expenses. You enter the entire amount of the gross income in Part I and you enter the expenses in Part II or Part III. The cement and other materials used to prepare the driveway would probably be entered in Part III for Cost of Goods Sold as Materials and Supplies.

I don't see what version of TurboTax you are using but you will need Self Employed to enter this information using the online product or any of the CD/download products.

Answer

Level 15

You will complete a Schedule C to enter your gross income and expenses. You enter the entire amount of the gross income in Part I and you enter the expenses in Part II or Part III. The cement and other materials used to prepare the driveway would probably be entered in Part III for Cost of Goods Sold as Materials and Supplies.

I don't see what version of TurboTax you are using but you will need Self Employed to enter this information using the online product or any of the CD/download products.

Level 11

All income received by your business for *any* reason is reported in the business income section. Every single penny.

All expenses paid by your business for *any* reason is reported in the business expense section.

Your taxable business income is determined by the program, by deducting your business expenses from your business income.