If you are manufacturing a product or repairing a customers items, you list the supplies as anything you purchased that went into that product. Anything that you used yourself to maintain your business is listed as repairs and maintenance. I list tools separate from either. Things such as soap used the restroom, brooms, window cleaners etc., I list as Shop/Clean Expenses. Then anything you stock as inventory to manufacture you have to inventory at the end of the year and subtract that dollar amount from what you are declaring as a supplies expense. You start with an inventory amount from the previous year and compare it with the inventory of the end of the next year. If you had less inventory you add to the amount of the supplies. If you had more inventory you subtract from the supplies expense. If you have just started a business in 2011 you subtract 100% of the inventory left at the end of the year from the supplies and carry the expense into 2012. The inventory is looked at like cash. They look at it like you just took cash out of your wallet and put it on a shelf. Until a customer gets it you can't write off the expense. Lot of work huh.
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Today's Featured Article - Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
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