Yes, you will need to receive these inventory items from
yourself in your business this year. Please see the IRS Inventory
Manufacturing Tax Tips for more info. You
can enter this in the Inventory/Cost of Goods Sold Section of your
Business section in TurboTax.
Yes, you will need to receive these inventory items from yourself in your business this year. Please see the IRS Inventory Manufacturing Tax Tips for more info. You can enter this in the Inventory/Cost of Goods Sold Section of your Business section in TurboTax.
Also, you can report the percentage of
business use you have on your sewing machine by reporting it as an asset in
your business. You might even qualify to elect to take a Section 179
deduction for this business portion of the asset, meaning that you will not
have to depreciate it over a length of years, instead you can take the entire
deduction this year. See this article for more info: https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Managing-Assets/INF12032.html
Then, in Turbo Tax you will report the sewing machine
in the Business section under the Business Assets category. Remember to
check the box for "No, I have not always used this item for 100% of
time for this business." (See Screenshot below.) Then, you can enter
in the percentage of time it's used for business and answer
the remaining questions to see if you qualify for the Section 179
election.
[edited, 01/19/17]
