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Business & farm
I have a question about inventory. If I am paying taxes on the income i derive from the items i sold, how do i capture the cost of initially purchasing these items that i sold (cost of goods sold/inventory)? This is my first year doing business in the booth and although my beginning inventory for the year was $0, i spend alot of money purchasing items that i sold in 2019. Please help!
‎January 3, 2020
10:25 AM