I have an inventory part that is no longer going to be used. How do I remove it properly so the expense gets considered on taxes?
This question is assuming that my understanding of inventory parts is correct. I have art supplies that go into the creation of a piece of art. In some cases, I expense the supplies out directly and write it off to a category for materials and supplies. In other cases where it will clearly become a part of a final piece of art at some point (ie: mat board), I create an inventory part and then use an item assembly for the final matted piece. So may understanding is that the mat board is not truly expensed until it is sold as part of the item assembly sell than becoming part of the cost of goods category.
If that is correct, using the mat board as an example, if I was to no longer use it, how do I write it off as it will not be sold as part of an item assembly and would prefer to just expense it out as supplies and materials or whatever would be most appropriate?
