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I STARTED A DIRECT SALES BUSINESS THIS YEAR AND HAVE A

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9000.00 LOSS .. MY...
I STARTED A DIRECT SALES BUSINESS THIS YEAR AND HAVE A 9000.00 LOSS .. MY HUSBAND AND MYSELF ARE ON SOCIAL SECURITY SO I THOUGHT HAVING A SMALL BUSINESS WOULD HELP FINANCIALLY.. I PURCHASED GOODS 13,500.00 SOLD 4500.00 AND I'M TOLD I BREAK EVEN ...???
Submitted: 1 year ago.Category: Tax
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Answered in 1 minute by:
2/11/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,158
Experience: Taxes, Immigration, Labor Relations
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can you verify what was the cost of goods that were sold and what was the cost of goods you still keep in inventory on the last day off the tax year?
I will help you with reporting.

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Customer reply replied 1 year ago
MY AMOUNT SPENT FOR GOODS 13.500.00 OUT OF THAT SHIPPING WAS 1200.00 TO SEND GOODS TO ME,, 877.00 TAXES THEY CHARGED ME ON GOODS PURCHASED.. THAT LEFT ME WITH 11.495.00 THAT I PAID TO PURCHASE PRODUCTS AT 2.75 EACH WHICH GAVE ME 4180 PIECES OF JEWELRY TO SELL.. I HAD 1600 PIECES LEFT IN MY INVENTORY AT YEARS END.. SOLD 2000 AT 2.25 CENTS EACH.. OTHERS WERE GIVEAWAYS , FOR HOSTING PARTIES ETC... IHAD A LOT OF MILEAGE ETC...
Customer reply replied 1 year ago
ARE YOU HERE???
Tax Professional: Lev, Tax Advisor replied 1 year ago

I am still not having a clear picture regarding your inventory...
Your inventory at the beginning of the year was zero because you started business during that year - correct?
Then your purchases were - 13.500

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Tax Professional: Lev, Tax Advisor replied 1 year ago

We need to know costs of inventory you took for personal reasons, - ? and

cost of inventory for business reasons (hosting sale events, etc) ?

Now we need to know what you had on Dec 31, 2015 - that is inventory you will roll to the next year. - ?

Can you just provide these amounts?

We will come to mileage and other deduction after we clear all reporting issues regarding inventory.

Let me know if you need any help with reporting.

Otherwise,

I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all tax related issues

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Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,158
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