If you file a Schedule C, you can list COGS. I was a sole proprietor for donkey's years, then became an LLC. Both had schedule Cs ____________________________ Linda M. Feltner Artist LLC P.O. Box 325, Hereford, AZ 85615 520.803.0538 https://urldefense.proofpoint.com/v2/url?u=http-3A__www.lindafeltner.com&d=DwIDaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=AGYZ7-AeerjxzYnIwL-lBLFI3SPYN3BDmku4qGQB4Tg&m=P1eUDH82spsSToFWlP41rj_VZ53vclnMgccJPdA2XnM&s=H6-cYHiDnuJIwU1QBG9RJ0IWHRxTN5GEwh6-vn2guKs&e= On 4/3/20 8:49 AM, Marjorie Leggitt wrote: > All, is it just me or am I just clueless about COGS? Is this only for > S-, C-corps or an LLC? I’m not seeing anything about this for Sole > Proprietor. > Marj > Leggitt Design > 303.394.0566 > >> On Apr 3, 2020, at 9:39 AM, Chris Gralapp <[log in to unmask]> >> wrote: >> >> Lynette, >> >> I think it is OK to make an educated guess, and ballpark it--that's >> what I did--I have a feeling that there won't be too many questions >> asked. But that's just me! >> >> Chris >> Chris Gralapp >> >> >^..^< >> >> *Chris Gralapp*,MA, CMI, FAMI >> >> Medical/Scientific Illustration >> >> 415.454.6567 >> >> chrisgralapp.com >> <https://urldefense.proofpoint.com/v2/url?u=http-3A__chrisgralapp.com_&d=DwMFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=AGYZ7-AeerjxzYnIwL-lBLFI3SPYN3BDmku4qGQB4Tg&m=t0Cd-VVpc8736T2oe4t6_yoQW08ulUbtE4bT6b7qeas&s=AWu_iZaNLIobvyWsVR6t1JKpE0Cihlek7VFClQkqLJE&e=> >> >> On 4/3/2020 8:27 AM, Liz Lockett wrote: >>> Take the cost of every supply and expense you made for the year and >>> divide by the number of things you sold. >>> >>> On Fri, Apr 3, 2020, 11:18 AM Lynette Cook <[log in to unmask] >>> <mailto:[log in to unmask]>> wrote: >>> >>> Britt, this article addresses inventory and keeping track of >>> costs in a general way as part of one’s business (for tax and >>> insurance purposes), though doesn’t directly address my >>> questions. I must come up with a number for COGS from >>> 2/1/19-1/31/20. Thankfully, not for any other period than this! >>> >>> Lynette >>> >>> > On Apr 3, 2020, at 8:01 AM, Griswold, Britt (GSFC-279.0)[LUSA >>> Associates] <[log in to unmask] >>> <mailto:[log in to unmask]>> wrote: >>> > >>> > Lynette, >>> > >>> > This article may have your answer: >>> > >>> https://urldefense.proofpoint.com/v2/url?u=https-3A__www.artworkarchive.com_blog_how-2Dto-2Ddo-2Da-2Dyear-2Dend-2Dinventory-2Dof-2Dyour-2Dart-2Dstudio&d=DwIGaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=AGYZ7-AeerjxzYnIwL-lBLFI3SPYN3BDmku4qGQB4Tg&m=cAU6KdqpDsZaQ9-bPjTIlOtFdU6rp7_ITwQlMqhyic4&s=vYJU2K0vsTkit-O7Qf6hQZFS361kasG5evTNUChZkPg&e= >>> >>> > >>> > Personally, I do not have an inventory so this has never been >>> a problem for me, so no direct experience. >>> > >>> > Britt >>> > >>> > On 4/3/20, 10:50 AM, "SciArt-L Discussion List-for Natural >>> Science Illustration- on behalf of Lynette Cook" >>> <[log in to unmask] <mailto:[log in to unmask]> on >>> behalf of [log in to unmask] >>> <mailto:[log in to unmask]>> wrote: >>> > >>> > Hi all, >>> > >>> > I know this isn’t rocket science but I’m having trouble >>> wrapping my mind around it (my spring allergies must have me >>> befuddled). I’m having to come up with a number for COGS: cost >>> of goods sold for a 12 month period. We artists usually do not >>> run our business this way. So, for all physical paintings sold >>> during these 12 months I have to go back in my records and hunt >>> for receipts in order to itemize the cost of materials and find >>> the total dollar figure. Of course, some have to be estimated, >>> such as the 24” of wire that went on the back of a canvas when >>> said wire was purchased as a large roll 15 years ago. And, >>> hmmmmm, did I use a 1/4 C of gesso from the gallon jug on that >>> painting or did I use 1 C? A teaspoon of paint from the tube of >>> phthalo green or was it three? >>> > >>> > My understanding is that I do not include my own labor or >>> other costs. Though I wonder: do I include my paintbrushes? I >>> easily ruin the points of 2-4 on each painting, so they are >>> expended for all intents and purposes even though not >>> incorporated into the art itself. >>> > >>> > My main question is: am I thinking this through correctly >>> or am I missing something? >>> > >>> > Lynette >>> > — >>> > Lynette Cook >>> > [log in to unmask] <mailto:[log in to unmask]> >>> > >>> >>> Instructions to subscribe or leave the list are at >>> https://urldefense.proofpoint.com/v2/url?u=https-3A__www.gnsi.org_listserv&d=DwIDaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=AGYZ7-AeerjxzYnIwL-lBLFI3SPYN3BDmku4qGQB4Tg&m=P1eUDH82spsSToFWlP41rj_VZ53vclnMgccJPdA2XnM&s=1acZMwSyonBG52JDFeu9nfKpWRs6qvmxohwURvzIXr0&e= >>> <https://urldefense.proofpoint.com/v2/url?u=https-3A__www.gnsi.org_listserv&d=DwMFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=AGYZ7-AeerjxzYnIwL-lBLFI3SPYN3BDmku4qGQB4Tg&m=i93DNU6e108pSj1MML0HdJQ0JtWc39wqbH-BszdWllE&s=0GBlese382ImmaBWIdX7adK83gOU8lXzhqjZkHaoOs0&e=> >>> >>> List name is Sciart-L >>> >>> Problems: Email Lana Johnson at [log in to unmask] >>> >>> ________________________________________________ >>> >>> Need to leave or subscribe to the Sciart-L listserv? Follow the >>> instructions at >>> https://urldefense.proofpoint.com/v2/url?u=https-3A__www.gnsi.org_listserv&d=DwIDaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=AGYZ7-AeerjxzYnIwL-lBLFI3SPYN3BDmku4qGQB4Tg&m=P1eUDH82spsSToFWlP41rj_VZ53vclnMgccJPdA2XnM&s=1acZMwSyonBG52JDFeu9nfKpWRs6qvmxohwURvzIXr0&e= >>> <https://urldefense.proofpoint.com/v2/url?u=https-3A__www.gnsi.org_listserv&d=DwMFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=AGYZ7-AeerjxzYnIwL-lBLFI3SPYN3BDmku4qGQB4Tg&m=t0Cd-VVpc8736T2oe4t6_yoQW08ulUbtE4bT6b7qeas&s=wLqliJzzstBsYxsjijOICuxZnxyCSPMkjhJQ5ruOgq0&e=>List >>> name is Sciart-L >>> Problems: Email Lana Johnson at [log in to unmask] >>> >> >> ________________________________________________ >> >> Need to leave or subscribe to the Sciart-L listserv? Follow the >> instructions at >> https://urldefense.proofpoint.com/v2/url?u=https-3A__www.gnsi.org_listserv&d=DwIDaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=AGYZ7-AeerjxzYnIwL-lBLFI3SPYN3BDmku4qGQB4Tg&m=P1eUDH82spsSToFWlP41rj_VZ53vclnMgccJPdA2XnM&s=1acZMwSyonBG52JDFeu9nfKpWRs6qvmxohwURvzIXr0&e= >> <https://urldefense.proofpoint.com/v2/url?u=https-3A__www.gnsi.org_listserv&d=DwMFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=AGYZ7-AeerjxzYnIwL-lBLFI3SPYN3BDmku4qGQB4Tg&m=CzWaFaIUNmZwd6QL6yfyO36uKKUjRwuIk8i-uzzGiXY&s=OPQzZpipPUWbi3TilrOENwlagBdOWEgS84Kh1t0q7F0&e=>List >> name is Sciart-L >> Problems: Email Lana Johnson at [log in to unmask] >> > ________________________________________________ > > Need to leave or subscribe to the Sciart-L listserv? 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