I feel like the most incompetent adult on the planet right now. Help me resolve this.
I'm filling out my city B&O taxes (the business forum on C-D sucks which is why I'm posting here BTW). I actually don't owe anything because my gross receipts < $5,000... but I still need to fill out the form and turn it in.
For my gross income category I am putting $2xxx, because that's how much cash I received.
The next category is deductions and I'm not putting anything down (deductions are for stuff unrelated to my business).
The following category is "taxable amount"... what the heck is this?
These three categories are followed by the tax rate and then the last category is where I would define how much tax I owed if I owed it. Since I made less than $5k I don't have to worry about it....
I just need to know if I'm supposed to put something down for "taxable amount" and what that number would be.