Is my GROSS Income & Cost of Goods Sold the same with my Microfit income

[sog22]

The cost of goods is the same as the gross income on my Microfit program. do I put the same $$ in both as they cancel out any income made because I bought this system with a line of credit the system is paying off?

[TurboTaxSusan]

Gross Income is your total income before any expenses, taxes, depreciation etc. is removed.

Cost of Goods Sold is whatever you paid to buy or make the products you sell.

For example, if you run a company that sell yoga mats, and you sell 100 yoga mats at $10 each, your Gross Income would be $1000. If you paid $5 to buy each mat you sold, then your Cost of Goods Sold would be $500.

If you don’t sell any products, then you won’t have Inventory or a Cost of Goods Sold, you would just have expenses.