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Level 1
November 16, 2022
Question

Self employed

  • November 16, 2022
  • 1 reply
  • 4 views

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?

    1 reply

    Level 4
    November 17, 2022

    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.