x
Highlighted

Which sales number do I report to IRS?

Which sales number do I report to IRS? Net sales? But that doesn't seem to include fees charged by square for credit cards. Do I deduct square fees from Net Sales. Do the Net Sales reflect sales tax and tips taken out. 

Message 1 of 2
153 Views
1 REPLY 1
Highlighted
Super Seller

Re: Which sales number do I report to IRS?

This is a question for your accountant or tax preparer so that you get the correct information.

 

But, in general, you report your net sales, then you have your costs of doing business (labor, inventory, cc fees, electric, etc) separately which in the end will work out to your profit or loss.  But again take tax information with a grain of salt from strangers on the internet.

Message 2 of 2
120 Views