A profit loss statement is a statement of your receipts and your expenses with the bottom line showing what your profit or loss is. If your business is a sole proprietorship (aka a "DBA") and not an LLC or corporation, you probably do not have wages. On line 4 of the means test, you will enter your gross receipts and expenses to arrive at your business income. On line 8 of Schedule I, you will enter your net business income (receipts minus expenses) on line 8 of Schedule I and attach your profit loss statement to show how you arrived at that figure. You can download the forms and see what I am talking about at http://www.uscourts.gov/FormsAndFees...ptcyForms.aspx
If your business is an LLC or corporation, you may have both wages and business income, depending on how the entity pays you. You might get a periodic wage for the work you do for the business and then receive separate distributions of net income, or you might just get distributions of net income.
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Small question about profit and loss statement
Hello I'm self employed and heading into bankruptcy first week of July.
My question is with a profit and loss statement do I add wages to
the profit and loss? or do i count net income as my wages?
This is my first year being self employed so this
is all very new to me i'm learning things as I go.
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