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Schedule C Shipping Supplies Deduction
Hi. On part 2 of Schedule C, when you deduct the cost of shipping supplies such as envelopes, do you only count the ones that you actually used or the total you bought that year? For instance, say I have 1,000 items in my cost of goods and I also bought 1,000 envelopes to ship them. But, I only end up selling 500 in the year, which means my cost of goods sold is only 500 items worth. That makes sense to me, but since the envelopes aren't in my cost of goods in part 2, would I deduct the cost of the 1,000 envelopes I purchased or only 500 since I still have 500 that are unused?
May 4, 2022
9:11 PM