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Get your taxes done using TurboTax
Thank You for your answer.
I would prefer not to deal with selling the toys. There are hundreds of toys. And if I sell them, wouldn't I need to keep track of inventory? Not write the toys off as a expense but as inventory and deduct it as COGS when it's actually sold?
I really do not want to keep track and store inventory and selling hundreds of toys.
Isn't there any way to expense the toys as a one time production cost to the video or something?
What are all the youtubers or other content creators out there doing with all the item/s they use to make their video/content? Or what are accountant that are handling youtubers/content creators doing?
For toys that are less than $50, can you just expense it like supplies or some expense that are in the cost range?
Any way to use the De Minimis Safe Harbor Election and write off the more expensive toys a expense instead of a asset? If so, again which expense category should it be under?
Thank You
I would prefer not to deal with selling the toys. There are hundreds of toys. And if I sell them, wouldn't I need to keep track of inventory? Not write the toys off as a expense but as inventory and deduct it as COGS when it's actually sold?
I really do not want to keep track and store inventory and selling hundreds of toys.
Isn't there any way to expense the toys as a one time production cost to the video or something?
What are all the youtubers or other content creators out there doing with all the item/s they use to make their video/content? Or what are accountant that are handling youtubers/content creators doing?
For toys that are less than $50, can you just expense it like supplies or some expense that are in the cost range?
Any way to use the De Minimis Safe Harbor Election and write off the more expensive toys a expense instead of a asset? If so, again which expense category should it be under?
Thank You
‎June 3, 2019
1:08 PM