I operate a one person appliance repair service. I have a small inventory, do I need to be claiming that inventory? If so is that under the cost of goods sold?

[Coleen3 · Accepted solution]

Yes, that is exactly where it is recorded. You would begin with zero inventory if you began in 2017.

Follow the instructions below to enter "Cost of Goods Sold":

1. Click on the Business tab and then click on the blue Continue button.

2. That will take you a screen that asks How do you want to work on your business income? Select I'll choose what I work on.

3. On the Let's gather your business info screen you'll see Business Income and Expenses. Click on either Update or Start, to the right. 

4. The next screen will be Here's the business info we have so far. If you have been here before you can just select Edit.

5. On the next screen Inventory/Cost of Goods Sold is the third one down. Select Update.