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How do i file if ive been paid cash as a new sole proprietor

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Employee Tax Expert

How do i file if ive been paid cash as a new sole proprietor

Hello @Realistradio, and thank you for your question.  Please follow these steps:

  1. Type “Schedule C” in the Search box (upper right of program)
  2. Then select the “Jump to” link. This will take you to where you can enter any cash, personal checks or credit card payments (Form 1099-K) related to your self-employment.
  3. You may be asked some general questions about your business, if you have not already entered a business previously. After you answer them, you’ll be taken to The Income screen where you can enter this income as Other self-employed income includes cash and checks.

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How do i file if ive been paid cash as a new sole proprietor

Are you asking how to enter it into your 2022 tax return or for this year 2023?


You need to report all your income even if you don't get a 1099NEC, 1099K or 1099Misc. You use your own records. You are considered self employed and have to fill out a schedule C for business income. You use your own name, address and ssn or business name and EIN if you have one. You should say you use the Cash Accounting Method and all income is At Risk.


You might want to use Quicken or QuickBooks to keep tract of your income and expenses. There is one called QBSE QuickBooks Self Employed that works with Online Turbo Tax and will give you a free online tax return next year.


After it asks if you received any 1099NEC it will ask if you had any income not reported on a 1099NEC. You should be keeping your own records. Just go through the interview and answer the questions. Then you will enter your expenses.


Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire. You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040. The SE tax is already included in your tax due or reduced your refund. The SE tax is in addition to your regular income tax on the net profit.

Turbo Tax Beginners Tax Guide for the Self Employed

Here is some IRS reading material……
IRS information on Self Employment

Publication 535 Business Expenses

Publication 334, Tax Guide for Small Business

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