Hey, I'm trying to figure out how to do the taxes for my screen printing, and am wondering if any of the other designers/printers have figured this out.
I'm putting down the business as an inventory business because, well, I have inventory.
But I'm pretty confused about how to figure inventory when I have to factor in raw materials, value of finished goods (cost to produce or retail???), and then I have to figure out what the value of all this was at the beginning of the year as opposed to the end of the year.
I mean, do I have to know how much of that quart of Speedball red I went through this year and factor that in?
Seems to me anything beyond "this is how much I invested in equipment, supplies, commisions, etc. This is how much I took in in sales." should give the IRS everything they need, but since these regs seem tailored to large-scale manufacturing, I'm at a loss as to how to proceed.
Any advice is greatly appreciated.
-Adam
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Adam J Carriuolo Fine Art Silkscreen Prints