My wife started a business in August. She is selling clothing on Facebook. Any money she made, she would turn around and purchase more inventory. She didn't keep any of it for herself. Does she take a loss for the year? Right now, she is being taxed on her gross profit (total sales - cost of goods sold). Turbo Tax isn't including her all of her purchases as part of Cost of Goods Sold.
posted
last updated
June 06, 2019
3:36 AM