- Location
- Tennessee NEC:2017
- Occupation
- Semi-Retired Electrician
I have a question about how to catagorize things for bookkeeping/tax purposes. Let's say you have a service truck and keep some inventory in it, or just have it either in a shop or home. Do you keep supplies separate from materials? For example, I would consider things like staples, wire nuts, plastic ties, electrical tape etc. as supplies. I consider things like breakers, wire, switches, receptacles, etc. as material. The problem I'm having is I have all my receipts from suppliers but I have a lot of both supplies and materials on the same receipt. It is sometimes hard to go back and look at the receipts and try to determine which is which.
Is there a need to keep these separate? My accountant seems to think I should? I just hate trying to go back and do this by trying to decipher receipts. I looked on a Schedule C and Part II line 22 just says supplies. What do you guys do for this, separate or both under one catagory?
Is there a need to keep these separate? My accountant seems to think I should? I just hate trying to go back and do this by trying to decipher receipts. I looked on a Schedule C and Part II line 22 just says supplies. What do you guys do for this, separate or both under one catagory?