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I am a painting contractor. do I pt my paint cost under the "supplies" category
where do i put paint costs as a painting contractor
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February 16, 2021
4:34 AM
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Get your taxes done using TurboTax
You are right. Supplies are the stuff used up in getting the work done.
February 16, 2021
4:56 AM
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Get your taxes done using TurboTax
The paint supplies can be entered under supplies. After the passing of the Tax Cuts and Jobs Act (TCJA), small business taxpayers are exempt from the requirement to account for inventories.
A small business taxpayer is a taxpayer that:
- has average annual gross receipts of $25 million or less (indexed for inflation) for the prior 3 tax years, and
- is not a tax shelter.
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February 16, 2021
5:04 AM