If I have well-kept/categorized books and records of every transaction, is it necessary to break everything down in Business Expenses categories in TurboTax (and Business Income/Cost of Goods Sold for that matter)? As in do I have to record the specific amounts for Advertisement, Office Expenses, Taxes and Licenses etc., and even further break down each transaction within each category since it gives boxes to fill in separate ones? Or is there a catch-all where I can just enter my entire operating expenses as shown on my P&L (minus specific things like depreciating assets and startup costs)
If I do have to separate them out, would small tools and equipment under a few hundred dollars go into Supplies?
