To make my own handmade products I purchased a bunch of raw material but I didn't end up using all of them for my final product. Can I deduct the ones that are not part of the final product?
Yes of course you can.
Under the Income tab - Self-Employment - Business/Professional -under header Calculation of cost of good sold Opening inventory box (which includes raw materials, goods in process and finished product)
Pete06
Returning Member
rkil358113
New Member
FLtax
New Member
caracastson-gmai
New Member
PZullo
New Member
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.