I listed each part separately under “supplies” and already submitted my taxes when I read that this may not be correct. Is this acceptable?
Yes, it is acceptable but not necessary. It might technically be considered as inventory, if you purchased the parts, and then invoiced each part to your customer. Selling inventory could also cause you to charge state sales tax. The expense will affect the final income earned the same, you just want to use a procedure that makes sense to you, and be consistent over the years.
If you are earning based on your service only, continue to cost out the parts as supplies, but there is no need to list each piece. Keep records with your business file and report the total amount for the year on your Schedule C.
Yes, it is acceptable but not necessary. It might technically be considered as inventory, if you purchased the parts, and then invoiced each part to your customer. Selling inventory could also cause you to charge state sales tax. The expense will affect the final income earned the same, you just want to use a procedure that makes sense to you, and be consistent over the years.
If you are earning based on your service only, continue to cost out the parts as supplies, but there is no need to list each piece. Keep records with your business file and report the total amount for the year on your Schedule C.