I own a party supply retail shop with balloon services. How do I classify my helium costs which is around $10,000?

Enter it as Supplies or as Other Misc Expense

How to enter self employment expenses

https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-self-employment-business-expenses-like-home-office-vehicle-mileage-and-supplies/00/27109

This should qualify as a business expense, perhaps under Supplies category.

Business owners also file a Schedule D.  This allows business income and business expenses such as automobile mileage, tolls, costs of supplies, etc.  Find a Schedule D and review it.  You should find lots of places to put in ID and income and expenses.

Hi @kat88220 

This purchase could be considered an expense in the Cost of Goods Sold section of your Schedule C,

Part III , Line 38 Materials and Supplies. (I am assuming you used the helium to fill the balloons sold in your shop, if so it would be a legitimate deductible expense)

Hope this helps!

@iseriesse6   Sorry it's not Schedule D.  That is for investments.  You mean schedule C.

Here is a blank Schedule C

http://www.irs.gov/pub/irs-pdf/f1040sc.pdf

And instructions http://www.irs.gov/pub/irs-pdf/i1040sc.pdf