I'm confused with what counts as supplies expenses. I work on Etsy and booth at conventions. Do the items I paid in bulk, decor, storage, bubble mailers, etc all count?

Forum|Forum|3 years ago
February 6, 2023
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For example, the keychains I buy in bulk to sell at conventions. Do I put that down as expenses or only the remaining I have not sold and guestimate how much left the cost I paid would be? Do the bubble mailers count for shipping my orders on etsy? Do the storage containers I have for my etsy stock count? And do I put down the price I paid for all of these?

TurboTax Self Employed Online

MonikaK1

If the keychains are part of your inventory for sale, they should be reported either in the inventory section as Cost of Goods Sold or in the expenses section as supplies. See this article for more information regarding how to track and report inventory.

The shipping supplies such as bubble mailers should also be reported as expenses.

Assuming you mean items such as boxes and storage bins, storage containers can be deducted if they are only used for business. If, for example, you purchased a large storage shed, it should be reported as an asset instead of an expense.

See this article for more information on reporting small businesses in TurboTax.

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