Actually yeah, if you're not really keeping books for any loan purposes etc., then I guess you don't need to report inventory on your taxes. Getting my bookkeeping research mixed up with taxes.

I got an accountant last year as soon as I realised how many details there were and how he could help decide what deductions are appropriate and such so I am less likely to be audited. I used to do my taxes alone, but I kinda like the idea of handing everything over. Organised, of course. ;) And you can write off the cost of the accountant's fees on your taxes (in Canada, at least). Yahoo!