topic I own a party supply retail shop with balloon services. How do I classify my helium costs which is around $10,000? in Get your taxes done using TurboTax

I own a party supply retail shop with balloon services. How do I classify my helium costs which is around $10,000?

kat88220 — Tue, 28 Apr 2020 01:14:53 GMT

Re: I own a party supply retail shop with balloon services. How do I classify my helium costs which is around $10,000?

VolvoGirl — Tue, 28 Apr 2020 01:19:53 GMT

Enter it as Supplies or as Other Misc Expense

How to enter self employment expenses

https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-self-employment-business-expenses-like-home-office-vehicle-mileage-and-supplies/00/27109

Re: I own a party supply retail shop with balloon services. How do I classify my helium costs which is around $10,000?

iseriesse6 — Tue, 28 Apr 2020 01:27:48 GMT

This should qualify as a business expense, perhaps under Supplies category.

Business owners also file a Schedule D. This allows business income and business expenses such as automobile mileage, tolls, costs of supplies, etc. Find a Schedule D and review it. You should find lots of places to put in ID and income and expenses.

Re: I own a party supply retail shop with balloon services. How do I classify my helium costs which is around $10,000?

ArtmasterT — Tue, 28 Apr 2020 01:29:34 GMT

Hi @kat88220

This purchase could be considered an expense in the Cost of Goods Sold section of your Schedule C,

Part III , Line 38 Materials and Supplies. (I am assuming you used the helium to fill the balloons sold in your shop, if so it would be a legitimate deductible expense)

Hope this helps!

Re: I own a party supply retail shop with balloon services. How do I classify my helium costs which is around $10,000?

VolvoGirl — Tue, 28 Apr 2020 01:31:05 GMT

@iseriesse6 Sorry it's not Schedule D. That is for investments. You mean schedule C.

Here is a blank Schedule C

http://www.irs.gov/pub/irs-pdf/f1040sc.pdf

And instructions http://www.irs.gov/pub/irs-pdf/i1040sc.pdf