Yes, you can add the cost of your purchases to 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.
Be sure to remove the figures from the inventory section. Add the full amount from your 1099s as well as other sales if applicable.
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