Does work-in-progress apply to me if my business is service based and doesn't hold inventory? Would I keep them at 0?
All services I was paid for in 2021 were executed and I do not hold inventory. Does an amount for work-in-progress (for beginning/end of year) apply to me at all?
Does work-in-progress apply to me if my business is service based and doesn't hold inventory? Would I keep them at 0?
Work-in-progress (WIP) is goods or services that you have not yet finished providing at the end of your fiscal period. Any WIP needs to be included if you are reporting income as a self-employed professional.
If you don’t have any WIP then you don’t need to fill out that section.
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