Gross Receipts

Gross receipts are the total amounts your business receives from all sources during its Tax Year, without subtracting Cost of Goods Sold or deductible expenses.


If you operate your business as a Sole Proprietorship or a single-member Limited Liability Company (LLC), gross receipts go on Schedule C of your IRS Form 1040.


If you operate your business as a corporation, gross receipts go on either Form 1120, U.S. Corporation Income Tax Return (for a C corporation) or IRS Form 1120-S, U.S. Income Tax Return for an S Corporation (for an S corporation).