I have a small HVAC LLC.I have been using Quick Books online for the past year. Some of my clients sent me their 1099's. I am not going to enter them in Turbo Tax , instead, can I use the Profit and Loss statement to enter the Gross income and the business expenses? of should I use income ststement?
Yes. As long as your Gross Income includes all 1099's receive and any additional cash/check sales, you can enter one income figure.
You can also use the summary of various expense accounts on your P&L to report your expenses. You'll find expense categories to closely match your P&L. New assets placed in service will have to be added.
If you have additional questions or details regarding this, please feel free to post in the comments for further clarification.
You can report your income by following the instructions here:
1. Sign into your TurboTax account.
2. Click Pick up where I left off (if not already open)
3. Click Federal tab
4. Click Wages & Income subcategory.
5. Select I'll choose what I work on option.
6. Scroll all the way down to the Miscellaneous Income, 1099-A, 1099-C (under less common income) and click Start/Update.
7. Click Start/Update next to Other income not already reported on a Form W-2 or Form 1099 and follow the online screen prompts to enter your income.
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