- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
After you file
The materials and supplies you use to produce your merchandise can be reported under similar expense lines in TurboTax for self-employment (Schedule C).
Note that you aren't required to report inventory (Cost of Goods Sold) if your gross receipts were under $26 million over the last 3 years. Most small business owners prefer to expense materials and supplies as they are purchased to avoid the additional work required to account for inventory.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎April 25, 2025
6:11 AM