Sole Trader- how to classify tools?
I’ve been inputting tools I’ve bought as ‘other expenses’ but noticed their not tax allowable. What category should I put them in?
im a car valeter so it’s not just my hoovers pressure washers etc but sponges clothes etc too.
Move inpytted all my chemicals as cost of goods for resale.
Re: Sole Trader- how to classify tools?
In QBSE, since it is so limited other expenses is correct
and other expenses are deductible on the schedule C, why would you say they are not?
Chemicals you use in the service of vehicles is not really COGS, materials expense works for that.
At tax time COGS is related to items you stock on hand and sell