Buying oils and kits for testing so I can let people know what works. I wondered where I might deduct those expenses. Also, in order to receive income we must order a certain amount of oils each month, would this expense be deductible?
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Yes, the expenses can be deducted. However, how they are deducted will depend on how your business is characterized.Below is information for entering income as self-employment income (Form Schedule C) or hobby income.
In TurboTax Deluxe, Premier, go to Federal Taxes or In Home and Business, go to Business tab- then Continue
To enter as Hobby Income, please follow the instructions below:
For assistance in determining if you should enter your information as a business or hobby, please see the IRS Publication on Business or Hobby.
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