Thursday, January 12, 2012
Reply to a Comment from dherself
dherself - for some reason, blogger isn't cooperating this morning and I can't reply to your comment on my previous post. All I mean by zeroing out my inventory is that I wrote a "0" on line 41, basically showing that I sold all my inventory and am starting over at the beginning of the year. That's not true, of course, but as long as all of my inventory is being accounted for, I'm ok with doing it that way. You really should check with a tax accountant to find out if that's an acceptable way of tracking your inventory.
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Thanks, Jessica. I'm new at this, but zeroing seems less complicated. Since the tax form is only interested in income in and expenses out during the year, zeroing works.
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