topic I am a painting contractor. do I pt my paint cost under the "supplies" category in Get your taxes done using TurboTax

I am a painting contractor. do I pt my paint cost under the "supplies" category

joesprott — Tue, 16 Feb 2021 12:34:57 GMT

where do i put paint costs as a painting contractor

Re: I am a painting contractor. do I pt my paint cost under the "supplies" category

ee-ea — Tue, 16 Feb 2021 12:56:50 GMT

You are right. Supplies are the stuff used up in getting the work done.

Re: I am a painting contractor. do I pt my paint cost under the "supplies" category

DianeW777 — Tue, 16 Feb 2021 13:04:30 GMT

The paint supplies can be entered under 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.