I selected cash method and used that for my inventory. I was unaware this was (sounds like) a global selection across the business. For expenses that bridged mu...
With inventory, I used the cash method. With expenses that bridged multiple tax years, I'd typically do the math to deduct the amount used each year. For exampl...
What you are all saying makes sense. It was actually personally owed physical property/collectibles that I sold privately so the IRS wouldn't know about them. I...
In tax year 2023, I paid for and deducted the cost of biz insurance for the first time. I did the math such that I deducted the actual amount used that year. I ...
