When your business begins to make money, it's something to celebrate. Unfortunately, your glee may be tempered by Uncle Sam, which will want a share of those profits. The beginning point for calculating your taxes is your gross income. Figure out your company's gross income before making your allowable deductions and calculating how much tax you will owe.

Step 1

Add up the total value for all your receipts -- that is all sales that you have made and been paid for.

Step 2

Calculate your cost of goods sold by adding the cost of your beginning inventory to the cost of goods that you manufactured or purchased during the period, and subtracting your end inventory.

Step 3

Subtract your cost of goods sold from your sales to get your gross income.