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What is " total receipts" when doing federal taxes (own business)

Is it the value of the items sold, or do you take off tax and shipping? (shipping breaks even, in other words, nothing is made off it, it's my cost to ship)

Answer Question

Asked by Anonymous at 2:31 PM on Oct. 14, 2012 in Money & Work

Answers (4)
  • You should be able to deduct the cost of tax and shipping, if you sold the item for zero profit, this is a loss, you should add up loss vs. proftits. the reciepts they are talking about it the exspenses you have from opertating , rent, etc....

    Answer by kimigogo at 2:38 PM on Oct. 14, 2012

  • No idea call H & R block or other accounting firm.

    Answer by booklover545 at 3:08 PM on Oct. 14, 2012

  • are you selling online? receipts include all amounts received including whatever was paid for shipping. you will deduct postage/shipping as a business expense. tax expenses are a little different and much depends on your state. here the state tax receipts must be reported and paid to the state. we resell and can either get tax exemption certificate on inventory or request sales tax credits when filing. we use mileage deduction for inventory and post office trips. also home office expenses, packing supplies, etc.

    Answer by figaro8895 at 3:41 PM on Oct. 14, 2012

  • SAY YOU have invoices from online orders. Your customer is charged shipping by the COMPANY, NOT BY YOU....and the company is the one being paid the shipping, taxes, etc.

    All you do is collect, and pay the company. You get a commission check.

    Comment by Anonymous (original poster) at 3:44 PM on Oct. 14, 2012

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