I have been tracking inventory in 2021 but want to stop tracking inventory. I operate on a Cash Basis of accounting as a Sole Prop. I want to verify the procedure I will use on my 2022 tax return. I had an ending inventory of $521 for 2021 tax return. When I prepare my 2022 tax return, how do I remove or edit the beginning inventory (of $521) to reflect a 0 beginning inventory? AND, I want my return to reflect that I wont carry an inventory for 2022. I would deduct any resale supply purchases in the year 2022, instead of calculating COGs, etc. How do I remove the COGS calculation page in TT.
Also, I have moved to a new home and have a new home office in which I will deduct home office expenses. Will I be editing my home office or will TT prompt me to add a new home office and remove the old home office?
Thanks for any guidance.
