Upon working on my taxes this year, I realized I never enter my inventory purchases for 2016 when we did taxes for 2016, I had just started my business of retail clothing sales in 2016. I understand not entering these purchases may affect my cost of goods sold? However maybe not, since the cost of goods sold was $0 since I started with no inventory because of starting the business that year. So does it matter that I did not include the purchases made during 2016? I did include the 2017 inventory purchases in the inventory/cost of goods sold this year that is why I realized and went back and saw that I did not put them in for last year.
