Hi,
We travel for seasonal events and have vendor pop up booth (mostly weekend 2-3 days) at a time across state. We have 20+ such vendor booth events during the year. We pay application fees and vendor booth fees/rent to participate and have space during the event. Which category fit this vendor booth fees and application fees paid to various party? Is "Advertising" under "common business expense" is good fit, or custom name "Booth fees" under "Rent expense" is more appropriate or should i create under custom name "Booth Fees" under "All other expenses" is more suits the category?
It is substantial expense to our business and I feel under rent is more fit but looking suggestion /direction. We are using TurboTax Business.
Thanks
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Myself, if it is a substantial and significant amount to your business, I would create a separate category and put it there. After all, so long as it is listed as some expense, it will flow through your tax return correctly.
Chose a name that will help you recall what it is for if you are ever audited - the auditor would not be impressed if you had a line item that you could not remember what it was.
Hi Bill,
Thanks for quick suggestion. Does it better fit to create custom name under ""Rent expense" or ""All other expenses" in TurboTax Business?
Thanks
It is rent paid for the use of space so it would seem more appropriate to classify it as rent as opposed to other expense.
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