Message Font: Serif | Sans-Serif
No. of Recommendations: 0
"And if you do just expense the materials you buy, that, and your labor and related costs, are still Cost of Goods Sold. You just aren't adjusting for inventory changes."

How about here:
where it says "This rule does not apply to personal property you acquire for resale if your average annual gross receipts (or those of your predecessor) for the preceding 3 tax years are not more than $10 million."

They might have the tiniest raw material left over after the ball drops but it's so insignificant I thought the IRS rules allow for ignoring such amounts to simplify taxes for such tiny businesses.
Isn't that the point of this $10M rule? The business I'm talking about is closer to $35K! That's about 0.35% of the $10M!
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.