Have a Tax Question? Ask a Tax Expert
Hi from just answer. I'mCustomer I'll assist.
1. Buying inventory will not reduce your us taxable income. Sellers of merchandise like you must use the actual method, which would not allow you to deduct the inventory purchase.
2. Investing in a new business does not create a tax deduction for the old one. Better to commit those funds to deductible expenses in the new company, like rent, salaries, equipment and the like.
I hope that helps with your tax planning. Positive feedback is appreciated after you review my responses. I'mCustomer
Yes you can get a refund for most taxes paid.
Thanks again. Don't forget to rate my assistance. I'mCustomer