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Retirement Discussions / FIRE Wannabees
|Subject: Re: I am such a Wannabee!||Date: 2/17/2004 5:24 PM|
|Author: SeattlePioneer||Number: 1950 of 5144|
<<Have you looked at this carefully?
While you can deduct the cost of goods sold as a business expense once they are sold, the cost of merchandise held as inventory cannot be deducted.
That's my understanding anyway. Check out Part III of Schedule C.
I'd be glad to have you prove me wrong.
Well, I've had two accountants on it now, and both have said I could.>>
What are they telling you, and are you a sole proprietorship filing a schedule C tax return or another form of business organization?
And just what are they telling you that you can do?
Are they telling you you can buy inventory and then deduct it as a business expense when you still have it in inventory? Do you take an inventory and if so what do you use the inventory for?
Figuring what we have here is failure to commun'cate
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