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What is the amount that I should input in Professional fees? It's located in the self-employment section. Does it refer to Total Income, Gross Income or Net Income?

Forum|Forum|1 year ago
April 25, 2024
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It also mentions include work in progress and GST/HST if applicable.
My quickbooks reports doesn't include the GST collected. What should I do if I actually collected less than 5% of those 'professional fees' ?

Best answer by GHarpe

Neither, you are to enter your professional fees as TurboTaxBrenda mentioned above and your work-in-progress. As per the Canada Revenue Agency (CRA) As a professional, your income normally includes the value of your work-in-progress (WIP). WIP is goods or services that you have not yet finished providing at the end of your fiscal period.

If you need more help here, we believe your best option is to contact our telephone support team for further assistance, as they have the option to view your screen to help you navigate. To contact them, please follow this link: Contact Us. When asked if you wish to receive an email say NO then say "speak to a representative" then hold the line.

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T

TurboTaxBrenda

As per the CRA:

Professional fees (includes legal and accounting fees)

Deduct the fees you incurred for external professional advice or services, including consulting fees.

You can deduct accounting and legal fees you incur to get advice and help with keeping your records. You can also deduct fees you incur for preparing and filing your income tax and GST/HST returns.

Thank you for choosing TurboTax.

D

dogw883056Author

It refers to the amount input here

Does it mean the Total income, Gross Income or Net Income?

thanks!

G

GHarpeAnswer

Neither, you are to enter your professional fees as TurboTaxBrenda mentioned above and your work-in-progress. As per the Canada Revenue Agency (CRA) As a professional, your income normally includes the value of your work-in-progress (WIP). WIP is goods or services that you have not yet finished providing at the end of your fiscal period.

If you need more help here, we believe your best option is to contact our telephone support team for further assistance, as they have the option to view your screen to help you navigate. To contact them, please follow this link: Contact Us. When asked if you wish to receive an email say NO then say "speak to a representative" then hold the line.

Thank you for choosing TurboTax.