Chris Schafale on sat 4 feb 06
At 07:08 PM 02/03/2006, Bonnie Hellman wrote, in part:
>In general, it's a good thing on a tax return to show gross income, and not
>net out the income. Deposits/sales on a tax return should match the bank
>deposits.
This reminds me of a question that always comes up when I do my
taxes. Since my deposits include sales tax I collected, where do I take
that out on the Sched. C? I had previously read that I should subtract it
out ahead of time, so that it does not appear on my federal return at all,
since it is not really income to me, but Bonnie seems to be saying
otherwise. Bonnie, how do you handle this?
Chris
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