Hi,
I recently started my own small business (a single member LLC) to provide data analysis and consulting services to clients. My biggest expense, by far, is purchasing a large set of data. Technically, I purchase an ongoing license to access the data set. This expense is more than $25,000 every quarter. How do I categorize this expense? So far, I have been categorizing it as 'Legal and Professional Services'? Is this correct, or should I be putting it in a different category?
Thank you in advance for your help!
Sincerely,
Joel
