On TT Self Employed, I need help entering the cost of my goods-Is this the cost of goods for all 2016 sales, cost for all current inventory, or both?
How do I know what to put in each category:
-Cost of Purchases
-Purchases withdrawn for personal use
-Labor costs
Materials and supplies
-Other costs to prepare for sales
They seem to be vague in how everything is broken down and it is a little confusing.
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This is for 2016 only activity. You should have also reported your Beginning and Ending Inventory in that area (unless you started the business in 2016). You will enter your actual cost you paid for each category, not the retail/resale value.
There should be blue Learn More links on the screens that may also help you.
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