taxes

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Posted by Jim on February 14, 2019 at 13:21:41 [URL] [DELETE] :

My point was mainly the simplicity that was supposed to be done with a simple postcard is total BS. Most local IRS offices are now permanently closed and the nearest one for me is 100 miles away and you must make an appt first. I have tried for hours to reach by phone at different IRS numbers and the prompts just simply take you around in circles. They don't want to talk to anyone. I don't mind waiting my turn but can never get to the point I am on hold.
Mine is a simple question that one of you may know. I was in the livestock business but not since 2017. However, in 2018 I started selling off my assets related to the business such as gates, wire panels, fence posts and the like. They are all cash sales but I don't want to hide anything. I have decided to start buying and selling farm equipment but need to set up and file a schedule C rather than the ususal F for 2018. Does anyone know if I just value everything at the beginning of 2018 and use it as my beginning inventory for figuring cost of goods sold or some other procedure? I finally called my local congressman and he is to get back with me. thanks for any help.


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