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Business & farm
Then you do not have any profits if you spend all the income on expenses like inventory. If you were to take a salary (as you really should) then you would need to seed the company with money to pay the extra expense and would run at a loss. I highly recommend you seek local professional assistance to be educated in keeping the books and the IRS/state reporting requirements you need to follow.
‎October 10, 2019
5:18 AM