BillM223
Expert Alumni

Get your taxes done using TurboTax

Critter is right that you are required by the IRS to keep detailed records. In an audit, any deductions that you cannot substantiate are likely to be disallowed.

 

It is time for you to 

1. start keeping records of each purchase and sale, and any other expenses you incurred as part of the business, and

2. build a set of records for last year based on what you know: "but know how much profit i made, and how much I spent on items to make that profit. "

 

Note that many things in a Schedule C may not apply to you, so enter what you know.

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