Get a real CPA and dump the blockheads. You will surprised at the difference in your tax return.
For tax purposes it would just be the total. Transfers too.Thanks guys.
So then do I report them as a lump sum? Tally them up by the price I paid for them as one sum cost?
Transfers, too?
Inventory matters for calculating Cost Of Goods Sold (COGS), but does not matter beyond that.If you have inventory (shirts) that you bought lets say in 2015 and didn't use all of them so counted them in your inventory at the end of 2015. Then in 2016 you still didn't sell all of them, some but not all, do you count those again in your 2016 inventory?
Not exactly. This is a state by state basis. At one time here we were taxed on inventory. IN years ago did away with inventory tax and how it’s handled. There are still states that do inventory tax so it’s best as ask someone experienced with your states tax laws.Inventory matters for calculating Cost Of Goods Sold (COGS), but does not matter beyond that.
+ Beginning Inventory
+ Inventory You Bought During the Year
- Ending Inventory
= Items Sold & Shrinkage (waste, theft, samples, etc)
True, true. Lots of variation on things state to state.Not exactly. This is a state by state basis. At one time here we were taxed on inventory. IN years ago did away with inventory tax and how it’s handled. There are still states that do inventory tax so it’s best as ask someone experienced with your states tax laws.
Yeah, don't come to the USA. It is crazy out here.Inventory tax?
I never heard about that in China
Maybe in your state. Some states have inventory tax, if you have 10 shirts in inventory it would be taxed. My state did away with inventory tax many years ago. If one still carries inventory here we still have to list it as can’t write it off till sold.If your sales are less than $1M per year, you are not required to have inventory and can list t-shirts under your "supplies" expense