As a hairstylist, where do I put hair color backstock? Would it be considered an asset or inventory?

dalelynd · ‎March 4, 2020

AnnetteB6 · ‎March 6, 2020

If it is an item that you sell to your clients, then it would be considered inventory.

If it is something that you purchase to use when serving your clients, then it would be considered a supply or simply a miscellaneous business expense since it would be consumed in the course of your work.

Generally 'assets' are items that have a useful life of more than one year and are depreciated over time.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

As a hairstylist, where do I put hair color backstock? Would it be considered an asset or inventory?