I have a small business as a single-member LLC that I file as part of my personal taxes. When reporting business income, should it be gross income or net income? Local NJ state taxes were paid every quarter so how does that get reflected if I report gross income?
You need to report your gross business income and expenses in the Self-employment Income and Expenses section of TurboTax. You enter your state estimated taxes in the Deductions and Credits section of TurboTax, then Estimates and Other Taxes paid. Choose the Estimates menu option and work through that section to see an option enter you estimated tax payments.
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