Hi @UncleRed99. First, I have to stress that we can not give advice about filling out tax returns here in the Seller Forum. There are legal reasons for this, as well as the fact that Square’s TOS prohibits posting legal or accounting advice here.
You need to consult with a tax preparer or accounting professional. In your post you mentioned AGI, which is calculated from lots of different numbers and is not from Square. All Square provides to us is a 1099 which shows our total card sales for the year, and does not show cash sales. There are Square reports that show cash sales which need to be entered in your schedule C. But that is just the beginning. Business tax preparation is not something that most business owners should do by themselves, especially without a good understanding of tax law. Unfortunately, we will not be able to help you here.
If you don’t have an accountant or tax preparer, and you want to find one that is less expensive or even free, I would recommend finding the local SCORE office in your area. They have lots of resources for helping new business owners navigate the complexities of owning a business. I highly recommend talking to them.
My apologies for misunderstanding. But when I see questions like “Which value in my 2023 sales report am I supposed to use to input my AGI for the Schedule C?” that seems like someone wants advice on tax forms. If I jumped to the wrong conclusion, I’m sorry.
It would help to see a screen shot of the report in question. Please black out any numbers on it to protect your confidential business information. I think I know which report(s) you are talking about, but I don’t want to give you bad information. Better safe than sorry.
@UncleRed99 Yup, that was the report I thought you were referring to. So……
Gross Sales is the total of all of the goods and services you sold to a customer, basically your “products.” In that “Sales” section at the top, the bottom line “Total Sales” are your product/service sales plus-or-minus the rest of the line items in that section.
“Total Collected” is the amount of money that came into your store, and would also include sales taxes, tips, gift card sales, and discounts and such detailed in the Sales section. Total Collected will be same as Total Sales just above it.
Square reports to the IRS each year, they report the amount shown on the “Card” line. However, the 1099 does not include cash sales since the IRS only requires card sales to be reported by card processors.
I hope that’s clear and helps. But if you have any further questions about this or other Square reports, you know where to find us!
Be well,
