Question

MY business is Services - OVERSEAS Freight & TRANSPORT

Forum|Forum|5 years ago
May 16, 2021
1 reply
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HI, My Business is FREIGHT FORWARDING- Essentially we source Freight ( SEA & AIR) along with Land transport from different vendors and then sell this same service to our client with a brokerage / service fee margin.

Say we BUY $ 1000 and sell $ 1100 .

Under what category do i book my purchase / expenses in TURBO TAX Home & Biz

TurboTax Home & Biz Windows

T

ToddL99

Enter this as an Other Miscellaneous Expense in the Business Income and Expenses interview of TurboTax Self-Employed (or Home and Business).

See the attached screenshots for a sample entry:

C

Captain BawaAuthor

HI , Perhaps i was not able to explain my self clearly.

My business is shipping & logistics.... so my PRODUCT is the Freight & Transport cost.

It has to be something better than MISCL expense. I buy freight worth 80,000 USD per month which means annually i buy close to a MILLION DOLLAR worth freight .

If i use your suggestion, i will be unable to match books of services PURCHASED and SOLD

pls check and revert

T

ToddL99

I understood. If you want to match books of services PURCHASED and SOLD, then you will need an accounting program (e.g. QuickBooks).

TurboTax is designed to report income and expenses, by category, for tax reporting purposes. It is not designed to track the profitability of individual transactions, nor is it formatted to meet every possible description of income and expense for every possible industry.

Entering the cost of purchased transportation services as an Other Miscellaneous Expense (with a unique description) meets tax reporting requirements.