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Can I deduct my inventory when I purchase it??

For the past few years, it seems like the IRS has been flip-flopping on whether or not you can deduct your inventory when you purchase it or if you need to wait until you sell it. In this video I'll tell you all about that ride and where I believe we've landed. My Inventory article: https://notyourdadscpa.com/can-i-dedu... New guidance (if you dare): https://www.govinfo.gov/content/pkg/F... 1) SUBSCRIBE to learn how to get a handle on your business!    / @notyourdadscpa   2) FREE GUIDE: "Business Starter Guide for Resellers" https://notyourdadscpa.com/business-s... 3) COME JOIN THE FREE GROUP! Accounting for Online Sellers free Facebook group:   / accountingforsellers   4) READY TO DITCH THE TAX ANXIETY? Reseller Tax Academy: https://www.resellertaxacademy.com/ Reseller Finance eBook: https://notyourdadscpa.com/reseller-f... 5) LET'S CONNECT! Follow for tips on Instagram!   / notyourdadscpa   Facebook:   / notyourdadscpa   Website: https://www.notyourdadscpa.com 6) NEED TAX HELP? I am always ready to help new clients! https://notyourdadscpa.com/tax-season/ TIMECODES: 0:00 - Introduction 1:24 - Importance of Understanding Inventory Deductions 1:32 - Overview of Cash vs. Accrual Accounting 3:41 - Explanation of Cost of Goods Sold 4:30 - Clarifying Hybrid Accounting Methods 5:18 - Tax Cuts and Jobs Act and Immediate Inventory Deductions 6:57 - Caution with New Inventory Deduction Methods 7:52 - Cash Method for Inventory: Pros and Cons 9:38 - Comparing Cash vs. Accrual Methods for Clearer Financial Insight 10:40 - IRS Guidance on Inventory Accounting (2021)