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Get your taxes done using TurboTax
Two follow up questions.
1. If I've been using the beginning/ending inventory for 5 years, can I make the change to just listing my supplies and expenses without getting audited? I got the impression the IRS didn't like anything to change from one year to the next.
2. If I continue using Part III, can I put in all my expenses for 2023 in the Materials line, regardless of whether they were used in something that I sold in 2023? I cannot find anything in the documentation on timing of line 38.
thanks.
March 7, 2024
7:09 AM