December 5th, 2009 . . . . . . . .
Categorized under: Quicken Questions

Will I List The Income I Make An An Independent Contractor As Gross Receipts On Schedule C?

I am trying to get Quicken to accurately list the income I make as an independent contractor and I believe the problem is that Quicken is NOT putting my Gross Pay in line 1, part 1 of Schedule C. Since I will get a 1099, won’t the my income I am making go in line 1, part 1?

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Comments

  1. Your gross income goes on Schedule C, line 1. Then you list your business income on other lines. on Sch C. YOu also need to file Schedule SE to pay your social seccurity tax.


    Clark Kent
    December 5th, 2009

  2. Quicken is a good program for “simple” businesses. It wasn’t designed to do everything. I don’t think it does taxes.
    The same company has the enormously popular program, Quickbooks, which is more flexible. It doesn’t do taxes, either, but its data can be read into several off-the-shelf tax programs. You might consider an upgrade if your situation warrants.
    You are right, gross income goes on Line 1 Sch-C.


    Chuckie O
    December 5th, 2009

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