On IRS form 1040 schedule C or C-ez, can I just give the income I made minus the expenses?
I did a few carpentry jobs last year. If I add up all the labor and put this on the income, and the materials are all paid for to date, can I skip the expenses line? What I did was figure out how much I made then how much materials cost. I separated the two, so rather than add them both in section 1, cant I just skip the expenses in section 2 and only have an income with no expenses? Does this make sense?
Public Comments
- no, you need to indicate your income and you need to categorize your expenses, ie. cost of goods, and the other expenses that the Sch C covers(there can be more than listed) but you need to indicate how much and for what purpose
