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i have a tax question i use a online book keeping service. I f i did not sell a shirt in a tax year would i categorize that as an invoice expense? Cost of goods sold would be for if it sold right? Any help would be appreciated. i am new to trying to categ

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i have a tax question i use a online book keeping service. I f i did not sell a shirt in a tax year would i categorize that as an invoice expense? Cost of goods sold would be for if it sold right? Any help would be appreciated. i am new to trying to categorize my expenses for my taxes this year. Thanks

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Cost of goods sold is sold, yes. Unsold is year-end/beginning inventory.

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I don’t have any idea because that depends on the book keeping program you are using and what they categorize where. In my book keeping and tax filings, it’s simply year-end inventory.

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A quick Google search says no. You can’t put it there. There isn’t a place for it. If you search though, you can find some workarounds.

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I just use Excel and Amazon’s reports. Then I give my totals to my CPA and he puts it all together and files for me.

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