Question about purchasing products to sell at vendor events, or to customers who wish to buy directly from me. In my own company, we purchase our products at retail prices listed on the site. 1000 worthy of of products on my shelf, it is all paid retail and my commission is reported.
1000 on my shelf for personal use easily don’t sell it or give it away. It wouldn’t be any different than going to my local store, buying a lot of lotion, for example, and having it be available always. My guess is that I do not want to keep track of my inventory or the buying/selling of it because there is no real “income” or value in running my business this way.
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My customers can go to my website and purchase the very same products for the same price online. However, I do purchase some products to be used to sample out to customers or as “testers” at vendor occasions and home celebrations. They aren’t for personal use, although we finish up using them up from then on particular product is no longer available. Are these products allowed to be an “expense”?
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