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How do you track/report inventory purchased in lots? If I
How do you track/report inventory purchased in lots? If I buy a lot of 100 items for $100, and it turns out that 50 items don't have resale value, how do I go about COGS?Is my cost basis per item $2? … read more
Dr. Fiona Chen
Dr. Fiona Chen
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Ph.D.
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I'm working on filing taxes for my personal income and my
I'm working on filing taxes for my personal income and my lularoe business for 2017. … read more
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Tax.appeal.168
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I received a Notice of deficiency form 2944 from missouri
I received a Notice of deficiency form 2944 from missouri department of revenue … read more
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I am closing my business, witho about 10k inventory value,
I am closing my business, witho about 10k inventory value, but with closing the business, i won't really be able to resell these items and they will expire if they have not already. do i put 0 as my i… read more
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Lev
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Lane, You helped with this question (below) last month. I
Hi Lane, You helped with this question (below) last month. I have some follow up questions as I try to get this entered on a tax return:Question: I need to book the JE in Quickbooks to record the dona… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I am working on my small business tax return. I closed the
I am working on my small business tax return. I closed the retail store in 2017, and the left over inventory was donated to Planet Aid (about $9500.00 worth)/. I donated it in February, 2018. How do I… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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I have a single member LLC which I must close this month. It
I have a single member LLC which I must close this month. It never made enough to pay myself a salary, but I did accumulate a few thousand dollars in the business account over the 5 years in business.… read more
Lev
Lev
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We've had a summer vending business for 23 years and as
We've had a summer vending business for 23 years and as summer approached in 2017 after several years of marginal profitability, we decided to discontinue our business. We were left with $4528.00 in i… read more
Dr. Fiona Chen
Dr. Fiona Chen
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I am filing a final 1120s. I had approx 50,000 in inventory,
I am filing a final 1120s. I had approx 50,000 in inventory, raw materials that cannot be sold because the product never got acceptance from stores. I want to have an ordinary income deduction for thi… read more
Lane
Lane
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What percentage tax do I pay on inventory at the end of the
What percentage tax do I pay on inventory at the end of the year. Can you give me an example?If I have a shirt Cost$20 Retail $50What tax do u pay on that shirt??If I wanted to do a goodwill donation … read more
Robin D.
Robin D.
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I owned a store from 2003 to 2008. During that time, I also
I owned a store from 2003 to 2008. During that time, I also had a full time job. My taxes were done professionally during those years. In September 2008, I started collecting my pension. However, I di… read more
Lev
Lev
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34,256 satisfied customers
I have a small sole proprietor business selling shoes online,
I have a small sole proprietor business selling shoes online, started 2012. I want to close the business and liquidate my inventory because I hurt my back and it's too much for me to handle physically… read more
Stephen G.
Stephen G.
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Bachelor's Degree
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. I am a small business owner., of two separate businesses
Hi. I am a small business owner., of two separate businesses (both are partnerships with my husband, whom is the main income earner) In 2014 I closed the first one which was a clothing company. I have… read more
R. Klein, EA
R. Klein, EA
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I am retiring and closing my sole proprietorship business.
I am retiring and closing my sole proprietorship business. It is a health food store. What are the laws/rules regarding disposing of the inventory that is left after the going out of business sale. I … read more
Lev
Lev
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Hi Steve, Norman Rockwall exhibition sounds like it would
Hi Steve, Norman Rockwall exhibition sounds like it would have been great. He is so talented and I used to have his paintings when i was little. Steve, I asked this, but i was still wondering... if i … read more
Stephen G.
Stephen G.
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if business closed down and had inventory left over, do i need
if business closed down and had inventory left over, do i need to report this on tax return for the following year?… read more
Lev
Lev
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I closed my brick and mortar business this past year and want
I closed my brick and mortar business this past year and want to see what forms I need to complete. I did not have any employees and the fixtures I had I sold it to the person I was subleasing the spa… read more
Lev
Lev
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34,256 satisfied customers
My wife has a singing and speaking business. Several years
My wife has a singing and speaking business. Several years ago she recorded a CD and sold quite a few over the following 2-3 years. We established a cost for each CD at the beginning based on the cost… read more
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CPAforHire
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