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Level 2

Cost of Goods

Hello,

 

In turbo tax it wants me to deduct the cost of goods sold.

 

I was reading a forum that said if you are a small business owner you can deduct the ENTIRE cost of goods purchased and you do not have to wait for it to sell.

 

Can you please tell me if this is accurate and how can I go about doing that in my account.

 

Thank you,

Kristen