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Get your taxes done using TurboTax
You cannot deduct the entire amount of your purchases since your deduction as "Supplies" instead of COGS; your deduction needs to match income.
If you are not maintaining an inventory, then you need to deduct only the amount you have actually sold. Again, you cannot deduct the $2,000 until you sell that amount of inventory.
March 10, 2023
6:40 PM
2,928 Views