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Discussion Starter · #1 ·
So i'm doing all taxes alone and it's been quite a ride. But very thankful I'm learning. My question is: If I'm purchasing lets say from blankshirts.com I'm just getting tshirts and is easy to categorize this as "purchase cost of goods"
However, If'im purchasing from conde.com and most of the items are going to be blank tshirts while some other items will be ink or transfer paper" Can i just categorize this as "purchase cost of goods" as well?

Because it would be quite painful to categorize each item and then separate them up. And where would the tax and shipping go then also?

Anyway.. i do actually go to places where i just get supplies only but places like ryonet or conde have lot of different items laying around
 

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Discussion Starter · #3 ·
I guess what i'm asking is, lets say i'm getting a order invoice from blankshirts.com and I use that and put it in my quicken 2014 under "product cost of goods"
Then I get an conde.com invoice and its mixture of blank tshirts (75% of it) and supplies (25% transfer paper).. Can I just put the whole conde.com invoice under "product cost of goods" as well?
 

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As far as the IRS is concerned, there is one line for Cost of Goods Sold and you can lump it all together.

Anything above and beyond that for classification is solely to aid in you managing your business.

It becomes a matter of, Will the value of the additional data be worth the time spent to extrapolate the numbers?

We have it broken down a lot more than just one line. And we also do per invoice costing so that we can analyse the profit of individual orders, customer, job size etc.

But the IRS will be OK with one Cost of Goods Sold category. Get yourself a copy of a Schedule C and match categories wherever possible, it makes it a lot easier at tax time.
 
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