if this is the first year for your businesses you should consult a tax pro. there may be no need to account for your year end inventories (ie you may be able to expense what you have paid for but have not sold by year end). first year businesses may need to make elections and use the proper accounting method . startup costs may only be partially deductible the first year. equipment would need to be depreciated. if you use your home for the business, if you meet certain requirements, you may be able to deduct part of your home costs against your business income. keeping good records is crucial.
