The wholesale price is part of Cost of Goods Sold (COGS).
To enter COGS in TurboTax Online:
1.
Log in to TurboTax.
2.
On the left side of your
screen, click the "Business" tab.
3.
Click the "Business
Income & Expenses" sub-tab that appears below the "Business"
tab.
4.
Click the blue "I'll
choose what I work on" button on the right.
5.
Click the blue "Update"
button in the "Business Income & Expenses" section at the
top.
6.
Click "Edit"
next to the business you need to enter this information for.
7.
Scroll down to the Inventory/Cost of Goods Sold section
8.
Click "Update"
next to Inventory and Cost of Goods Sold.
According
to the IRS, business startup costs include costs you pay before you open the doors for your business that would be deductible if you were already in operation.
Start-up costs include amounts paid for the following.
-
An analysis or survey of potential markets, products, labor supply, transportation facilities, etc.
-
Advertisements for the opening of the business.
-
Salaries and wages for employees who are being trained and their instructors.
-
Travel and other necessary costs for securing prospective distributors, suppliers, or customers.
-
Salaries and fees for executives and consultants, or for similar professional services.
