@DianeW777
Hi, this is my first time filling out a Schedule C and I came across this post from last year in regards to inventory:
"You are correct! Under the Tax Cuts and Jobs Act (TCJA) of 2017, it is no longer necessary to enter inventory for the beginning or ending inventory for your business if the three year average gross income is less than $26 million.
In essence you no longer have to track the inventory that is still sitting on the shelves, unsold, at the end of the year. You can simply expense all purchases in the year of purchase. This does reduce your income which was the intent."
My question is, if the above applies to my business, what areas of Schedule C Part 3 (costs of goods sold) do I still need to fill out? Would I just enter my costs of goods sold for the year on line 42 and leave lines 33-41 blank?
Thanks so much for your time and any answers!
