My wife started a makeup tutorial and review YouTube channel in 2021 and I am filing with desktop Home and Business for that year. Not sure where/how to enter these business expenses. This is intended as a for profit business, not a hobby.
1. Product that is purchased for review purposes only and destroyed after posting the review.
2. Equipment that was purchased to produce the video, ie softboxes, ring lights, vlog camera's, video edit software, backdrops, etc.
3. Tools that are used to apply, clean, store, and organize the makeup/care products such as makeup sponges, brushes, etc.
Looking at the categories available in Business Deductions I am at a loss as to where they may belong.
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You can enter the product purchased for review purposes under Other miscellaneous expenses. "Product purchased for review purposes" can be your description.
The equipment used to produce the videos can be listed under miscellaneous expenses aa long as no one item costs more than $2500. If you have an item that costs more than $2500, you will have to enter it as an Asset.
Equipment that costs less than $2500 per item can be listed as Small equipment and tools under Other miscellaneous expenses. Don't worry if your total is more than $2500, as long as you have a record of what goes into that number, you are fine.
Tools that are used to apply, clean, store, and organize the makeup/care products such as makeup sponges, brushes can be listed as Supplies.
In general Other miscellaneous expenses, is where you enter anything that doesn't fit into the other categories. Just keep a record of what goes into your totals and provide a good description.
One followup question, in Other miscellaneous expenses the entry lines do not appear to allow "Add Supporting Details" so it appears that each item would require its own entry. Is it allowable to the IRS to simply put an entry saying Products Purchased for Review - Total and put a combined amount there? Or do they expect each individual item to have its own entry? Thanks in advance for the the help.
Yes, you can enter 'Products Purchased for Review' with a Total. Save your receipts for documentation of your total amounts.
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