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joesprott
New Member

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

where do i put paint costs as a painting contractor
2 Replies
ee-ea
Level 15

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

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

DianeW777
Employee Tax Expert

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

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:

  1. has average annual gross receipts of $25 million or less (indexed for inflation) for the prior 3 tax years, and
  2. is not a tax shelter.

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