First I know this question has been asked and answered, but I don't understand how that relates to answering questions in the software. Bear with me... I understand I do not have to do inventory and report them on Schedule C. Way too difficult for me. I started single proprietor LLC in 2021, very small business out of my home. Think Crafting/Artist earned under $5,000, before expenses. So if I check the box about inventory "my business does not have inventory" then there is not sufficient spots to put in all of my expenses. So do I answer that question, the other way (not check that box)... and then leave both inventory spots blank? Meaning opening inventory and year end inventory both blank. That seemed to be correct, and was able to get the rest of my expenses in. But I am just checking if that's the proper way to do it.
You can enter the cost of the merchandise you sold as "Supplies".
YES. From line 38? Correct? That's where I wanted it to go... BUT It seems the only way to enter in that spot is to not check that inventory question. And then leave the inventory lines blank. That seems the only way to get to line 35-41. Like I said if I check that box, (I do not inventory) there isn't anywhere in following screens that let's me enter in for that line.
First I am really sorry, for the hassle, when something doesn't make sense, my brain shuts down, I should be able to understand easily. Anyway I really appreciate your taking the time to answer and help me. According to TT instruction for line 22 it says: "Supply expenses, are incidental items that cost 200 or less or last less that a year" So that means EACH item costs less than 200? I took that to mean I could only put 200 or less on that line. I just went through increased that line, it didn't cause problems in the review. Again thank you.
If you have no inventory, you opening and ending inventory is zero, not blank.
Inventory is for items you stock in large quantities, like cans of soup or automobiles on a car lot.
@fanfare wrote:
If you have no inventory, you opening and ending inventory is zero, not blank.
If you answer question as to whether you maintain an inventory in the negative, then you should not even be presented with the inventory entry screen.