Your inventory would be the finished art and the materials used directly in creating your art ($862.79 + 716.31 = $1,579.10). The other items you mention (work lamp, etc.) are considered expenses. Larger purchases (usually more than $2,500), which last more than one year, would be considered assets and should be depreciated over time. Examples include:
- Cameras & lenses
- Computer, tablet
- Flash and lighting equipment
- Software (CRM, photo editing, etc.)
As you go through the interview, TurboTax will ask you about your expenses and assets.
NOTE: If you are using the online version of TurboTax Deluxe, you will be asked to upgrade to the Self-Employed version in order to enter your expenses.
@Anna7271
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