What is the amount that I should input in Professional fees? It's located in the self-employment section. Does it refer to Total Income, Gross Income or Net Income?

It also mentions include work in progress and GST/HST if applicable. 
My quickbooks reports doesn't include the GST collected. What should I do if I actually collected less than 5% of those 'professional fees' ?

Getting started

As per the CRA: 

Professional fees (includes legal and accounting fees)

Deduct the fees you incurred for external professional advice or services, including consulting fees.

You can deduct accounting and legal fees you incur to get advice and help with keeping your records. You can also deduct fees you incur for preparing and filing your income tax and GST/HST returns.

 

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Getting started

It refers to the amount input here

IMG_1710.jpegDoes it mean the Total income, Gross Income or Net Income?

thanks!

 

Getting started

Neither, you are to enter your professional fees as TurboTaxBrenda mentioned above and your work-in-progress. As per the Canada Revenue Agency (CRA) As a professional, your income normally includes the value of your work-in-progress (WIP). WIP is goods or services that you have not yet finished providing at the end of your fiscal period.


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bkosti
New Member

Getting started

So where do I enter in my gross income re: self employment then?

 

Getting started

As per our TurboTax article: Guidelines for Reporting Self-Employment Income

Report your self-employment income on separate lines for each source by entering your gross income and net income in lines 13500 to 14300 of your income tax and benefit return. These amounts are calculated by using the T2125 Statement of Business Activities form which is a part of your personal income tax return. Your gross income is what you have earned before any expenses are deducted. Your net income is what is left over after deducting expenses.

 

To Enter Self-Employment income (T2125 - Business Statement) in TurboTax Online:

1. In the upper-right corner of your screen, select Find (magnifying glass).

2. In the Find window, type in “self” and select “Self-Employment”. Click the “Go” button.

 

For more information from TurboTax: Self-Employment and Rental Income Centre

 

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Getting started

In my Quickbooks P&L report shows,

Gross Profit equals Total Income minus Cost of goods sold

 

Is this the amount you are referring as Gross Income above?

IMG_1718.jpeg

Thanks 

Getting started

As you have already purchased Assist & Review, we suggest you contact them for further clarification, by clicking on the Live Help icon at the bottom right of your return: How TurboTax Live Assist & Review Works - Do Your Taxes with Expert Help

More information about A&R: How to use TurboTax Assist & Review.

 

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