Solved: Where do I put the costs involved in producing a physical product (a planner/journal) for a life coaching business? I'm confused as we had no inventory in 2017.
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
mjinor
New Member

Where do I put the costs involved in producing a physical product (a planner/journal) for a life coaching business? I'm confused as we had no inventory in 2017.

 
1 Best answer

Accepted Solutions
CyndiSchulte
New Member

Where do I put the costs involved in producing a physical product (a planner/journal) for a life coaching business? I'm confused as we had no inventory in 2017.

Even though you may have not had inventory, it sounds like you still have cost of goods sold.

Cost of goods sold would be items that you purchased to sell at retail. If you had a salon, even though you're service related, your COGS would entail such things as shampoo, conditioners, hair related accessories, etc.  Please feel free to post any additional details or questions in the comment section. 

Please follow the instructions below to enter cost of goods sold:

  1. Open (continue) your return, if you don't already have it open.
  2. Inside TurboTax, search for schedule c and click or tap the "Jump to" link in the search results.
  3. Click the blue "I'll choose what I work on" button on the right.
  4. Click the blue "Update" button in the "Business Income & Expenses" section at the top.
  5. Click "Edit" next to the business you need to enter this information for.
  6. Scroll down to the Inventory/Cost of Goods Sold section
  7. Click "Update" next to Inventory and Cost of Goods Sold

View solution in original post

1 Reply
CyndiSchulte
New Member

Where do I put the costs involved in producing a physical product (a planner/journal) for a life coaching business? I'm confused as we had no inventory in 2017.

Even though you may have not had inventory, it sounds like you still have cost of goods sold.

Cost of goods sold would be items that you purchased to sell at retail. If you had a salon, even though you're service related, your COGS would entail such things as shampoo, conditioners, hair related accessories, etc.  Please feel free to post any additional details or questions in the comment section. 

Please follow the instructions below to enter cost of goods sold:

  1. Open (continue) your return, if you don't already have it open.
  2. Inside TurboTax, search for schedule c and click or tap the "Jump to" link in the search results.
  3. Click the blue "I'll choose what I work on" button on the right.
  4. Click the blue "Update" button in the "Business Income & Expenses" section at the top.
  5. Click "Edit" next to the business you need to enter this information for.
  6. Scroll down to the Inventory/Cost of Goods Sold section
  7. Click "Update" next to Inventory and Cost of Goods Sold

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings