Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
astewa22
New Member

When I enter my self-employment income for my personal business, do I enter the total revenue or the profit?

 
1 Reply

When I enter my self-employment income for my personal business, do I enter the total revenue or the profit?

When entering your self-employment income, you need to:

 

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.

 

For further details, please refer to the Guidelines for Reporting Self-Employment Income.

 

Thank you for choosing TurboTax.