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F
fpq808
February 5, 2021
Question

What is the reported income?

  • February 5, 2021
  • 1 reply
  • 0 views

Scenario:

 

Products bought - $70

Shipping - $15.95

Customer tipped - $10.75

General excise tax - $3.30

Invoice total - $100

 

Customer paid entire invoice total.

 

1.  What is the income I report for this transaction?

2.  Can any of these be listed as expense vs income?  If so, when?

1 reply

G
gloriah5200
February 9, 2021

You will need to enter the income on Schedule C as a sole proprietor...You will enter the $100 as income, the tip of $20.75 is also income.

 

Expenses:

  • Products purchased of $70 +
  • 15.95 shipping
  • Tax would be $ 3.30

You must enter all the income as income on the Sch C and all the expenses as expenses on the Sch C that are allowable.  Your profit/loss subject to se tax is the net profit between the two.

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