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How do you book cost of revenue on your taxes (1065 return)?
I am doing the taxes for an Engineering Firm. They do not have a COGS per say but do have the Cost of Revenue. How do I report this on the 1065? I have never completed one before
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You can simply treat as COGS, although many of the items may simply go to Expense.
Discuss with the client whether they are a specified service trade or business, i.e. "any trade or business where the principal asset is the reputation or skill of one or more of its employees."
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