What is the name of your state (only U.S. law)? NJ
I am an IT Consultant (single member LLC) and I'm trying to do my taxes for my first year in business via Turbo Tax since I can't afford an accountant yet. 2/3 of the money I collected came from purchasing computer parts on behalf of my client for which I would get reimbursed for. I am not sure if a. i should include that in my Schedule C since it's not part my consulting income. and b. if I should include it where do I put it..COGS or Supplies? Any advice would be greatly appreciated.
I am an IT Consultant (single member LLC) and I'm trying to do my taxes for my first year in business via Turbo Tax since I can't afford an accountant yet. 2/3 of the money I collected came from purchasing computer parts on behalf of my client for which I would get reimbursed for. I am not sure if a. i should include that in my Schedule C since it's not part my consulting income. and b. if I should include it where do I put it..COGS or Supplies? Any advice would be greatly appreciated.