Gross receipts and gross profits are slightly different. Typically, tax credits work from gross receipts.
The total amount of revenue you bring in creates your gross receipts. Revenue includes the cash, charges or digital receipts you receive from sales, but it also includes other financial gains. These might include rent you receive on excess office space you lease out, income from investments, interest earned, promissory notes, bad debt write-offs, legal awards, tax credits, and other forms of financial gains.
To identify gross receipts, take a look at your previous year’s tax return (form 1120) and add together lines 1c, 4, 5,6, 7, and 10.
How do I find Gross Receipts from previous years?
If you are uncertain about your gross receipts, you can easily locate that number on your tax return.
Where do I find gross receipts? In your previous year’s tax return (form 1120) add together lines 1c, 4, 5,6, 7, 10.
An 1120s is slightly different. Take 1c and then look at schedule F to identify the same info: gross rev, net and any other income: dividends , royalties, sub-letting building (rental income).
Lines 8 and 9 are excluded - sale of capital assets. (stock, gains/losses from business)
Line 10 (other income) generally includes it.