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I do not stock my business materials, I buy flooring for each contract separately. How to report donation of inventory leftovers?
I use Material and Supply expenses, not inventory, for my independent contractor business. This year for the first time, I started to donate leftover materials instead of trying to re-use or dispose of them. I have receipts few thousand dollars worth for these donations. Cannot find logical place for this item in business related topics.
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Get your taxes done using TurboTax
As a sole-proprietor, your business income and expenses are all included as part of your personal tax return. Any charitable contributions made through your business are included on Schedule A Itemized Deductions along with any other personal contributions you may have made through the year. There is not a way to deduct the contributions through the business.
Use the following steps to go to the section of your return to enter your donations:
On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
This opens a box where you can type in “charitable contributions” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
The search results will give you an option to “Jump to charitable contributions”
Click on the blue “Jump to charitable contributions” link and enter your information
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