I am a self-employed artist doing business taxes for the first time. My supply deductions (paint, brushes, canvases, etc.) equal more than $200. I have looked at the other deduction sections and none of those categories fit the items that are art supplies. Is it okay to list all the items in the supplies section, even if it equals more than $200, if they are all legitimate supplies?
You'll need to sign in or create an account to connect with an expert.
Yes, it is quite legitimate to categorize these items as supplies. These supplies are a deductible business expense.
Thank you so much for responding! The only thing that worries me is the wording in the supply section that says "Supply expenses are incidental items that cost $200 or less or last less than a year." My expenses are over $900 for this section and most of the supplies will last me more than a year. That being said, I will only be deducting the cost of these supplies this year.
If any of the supplies were more than $200 for an individual item, then it should be entered separately. However, if a collection of supplies were eligible expense for your business and all were under $200 each but together totaled over $900, they may be entered as expenses in the current year.
For any that are under $200, you can enter those in the Other Miscellaneous Expenses category and you can list a description and a price for each type of expense. You can group some things together but if you have a few types of categories it is easier to remember details later, such as next year when you are thinking of what expenses you might need to claim.
Please go into your Schedule C and check the Other miscellaneous expenses. You may remember those expenses but if they are not valid this year, just backspace over the category.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
tomreustle
New Member
jaketdotson
New Member
in Education
narviatreadwell
New Member
4Cordelia
Level 1
jenny-lee635
Level 1