2022 will be my third year of filing taxes for my small business (Schedule C).
In the past 2 years, I have not been keeping track of inventory, and so I have skipped Part III: Cost of Goods Sold, and instead expensed all materials in Part II.
Now, if I wanted to start tracking inventory and use Part III Cost of Goods sold, would I have to file form 3115?
Or would I be able to just enter "0" for my beginning inventory?
Would I then be able to only list my purchases made in 2022, and leave out any purchases made in prior years (even if some of the material used in my product was from prior years?) Since I have already deducted my expenses in prior years in those respective tax returns.
Any help would be appreciated. Thank you.
