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Starting Your Business/Keeping Tax RecordsWhat is Business IncomeIf there is a connection between any income you receive and your business, the income is business income. A connection exists if it is clear that the payment of income would not have been made if you did not have the business. You can have business income even if you are not involved in the activity on a regular, full-time basis. Income from work you do on the side in addition to your regular job can be business income. You report most business income, such as income from the sale of your products or services, on Schedule C or Schedule C-EZ.
Publication
334 Tax Guide for Small Business |